The dollar’s position as the global reserve currency weakened 10 times faster in 2022. In this respect writer Business Insider (BI) refers to data from Eurizon SLJ Asset Management.
While moves to undermine the dollar’s dominance are gradually gaining momentum, it is not surprising that the dollar’s reserve currency position is weakening ten times faster in 2022 than in the past two decades.
The publication pointed out that there are many different projects that will undermine the dominance of the dollar in the world. For example, some countries have been insisting on expanding trade in non-dollar currencies for some time now. For example, using local currencies or a gold-based stablecoin.
According to the International Monetary Fund, the effect of the dollar as the main reserve currency in the world is weakening as Central Banks of different countries redistribute their assets and switch to yuan, kroon, South Korean won and other currencies.
On April 21, the Financial Times cited currency analyst Stephen Jen. WroteHe said the dollar is slowly approaching its collapse as the US decides to show its strength and use the global financial system against Russia.