In a major de-dollarization scenario, Belarus has now joined the growing spree of nations moving away from the US dollar. The nation has openly stated how it has decreased its dependence on the dollar, while its economy continues to bank on the Belarusian ruble for future transactions and trade.

Also Read: Belarus Wants Banks To Use Cryptocurrency To Escape Sanctions

Belarus’s New Currency Shift

Belarus Flag
Source: Bloomberg

Belarus is experiencing a surge in de-dollarization activities, as confirmed by its president, Aleksandr Lukashenko. Lukashenko, in a meeting with the management of Belarus’ National Bank and heads of commercial banks on 9 September, shared that the US dollar share in Belarus has plunged gradually, with the country favoring its own currency, the Belarusian ruble, to conduct the majority of its transactions.

“The de-dollarization of the economy is proceeding at an accelerated pace. The share of the ruble component in the broad money supply has increased from 41% in December 2020 to 63% in July 2025. Simply put, since the start of 2025. People have been selling an average of $30 million in foreign cash every day.” The president said

Lukashenko reiterated how local currency narratives are thriving in the country, with the Belarusian ruble gaining steady momentum in the region.

“When people trust the state, they bring their money to the bank. It should be noted that some good results have been achieved lately. Since 2021, time deposits in Belarusian rubles by legal entities and individuals have almost tripled,” Aleksandr Lukashenko stated.

Gold Demand Rises As USD Falls

Amid all the de-dollarization chaos, the US dollar continues to plunge to new levels. With the September rate cut scenario looming over, the USD is expected to note further volatility, with investors pivoting towards Bitcoin and gold as safe haven refuge options amid the ongoing economic chaos.

Also Read: BRICS Anti-America Strains Rise as JP Morgan Predicts US Dollar Future

  • Belarus
  • De-dollarization
  • US DOLLAR