The US Dollar has been dominating the space for a long time now. But this supremacy has been challenged by several nations across the globe. But what will countries employ if the dollar is diminished? This is where de-dollarization comes into play. A rising number of nations are attempting to lessen the influence of the US dollar in global trade by de-dollarizing. This involves the development of an alternative global financial and technical system.
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Countries Embracing De-Dollarization
Several countries and organizations across the globe have been inching towards this initiative. According to reports, the dollar’s reserve position is deteriorating more quickly than is generally recognized. Last year, the decline in the global share of the US dollar’s reserves was ten times greater than the average rate over the previous two decades. Currently, there were about 12 countries moving away from the US Dollar.
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Looking Into The Countries
- Argentina – Argentina intends to follow Brazil in using the yuan rather than US dollars to pay for Chinese imports.
- Brazil – China and Brazil made a deal to use their respective currencies for commerce in late March 2023.
- Bolivia – Similar to the above-mentioned countries, Biliovia has been considering employing the yuan as an alternative to the US dollar.
- China – China has been gradually moving away from US dollar trade and toward the Chinese yuan since 2011.
- Ghana – Moving from fiat, Ghana intends to employ an old form of trade. The country has been working towards buying oil in gold.
- India – India is looking for measures to lessen its need for the US dollar in order to boost its economy. India intends to grow its share in international trade and transform the rupee (₹) into a foreign currency.
- Iran – While some countries were doing this by choice, a few others were forced to do it. Iran is exploring options to lessen its reliance on the dollar as a result of US sanctions. Using a variety of currencies, including the Euro, the nation has been looking for new ways to conduct foreign trade.
- Malaysia – Countries like Malaysia are looking for a suitable substitute for the dollar in international trade transactions to bolster their economies as a result of the currency’s recent volatility.
- Russia – This BRICS nation has been taking several steps to bring down the US dollar.
- Saudi Arabia – Mohammed Al-Jadaan, Saudi Arabia’s finance minister, declared in January 2023 that the country is open to trading in currencies other than the US dollar.
- Turkey – The president of Turkey has unveiled a new plan to lessen reliance on the US dollar in international trade.
- Venezuela – Venezuela announced in August 2018 that it would price its oil in rubles, euros, yuan, and other currencies.
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