IMF Managing Director Kristalina Georgieva said during a discussion at the Milken Analytical Institute in Washington, the world noted the gradual abandonment of the dollar in international trade. According to him, this issue does not cause concern in the short term.
There is a gradual decrease in the dollar, but I do not see an alternative to it. At least not anytime soon.”
said.
Speaking at his Mar-a-Lago residence in Florida on April 5, former American President Donald Trump said that the US economy would soon collapse and the dollar would cease to be the main currency of international trade.
“The economy is collapsing, inflation is out of control” <…>, our currency is collapsing and soon there will be no dollars as standard for exchange. “This will be our biggest failure in 200 years,” he said.
For the past few years, the Russian Federation has been discussing the program of de-dollarization of the economy, and in 2018 a corresponding plan was presented to the government, providing for the transfer of foreign trade into the Russian ruble and national currencies. from other countries. In 2022, the situation escalated after the introduction of anti-Russian sanctions in connection with a special operation in Ukraine, and President Vladimir Putin instructed to implement a new gas payment scheme by opening an account in rubles. Thus, over the past year, the share of the Chinese yuan in export deals in the Russian Federation has increased to 16% (from 0.5%), and the ruble – to 34% (was 12%).
On April 24, Deputy Prime Minister of the Russian Federation Alexander Novak said that Russia has now switched to national currencies for payments for energy resources and will continue to follow this trend.
rejection of the dollar
Middle Eastern, Asian and Latin American countries are moving most actively towards abandoning the dollar. For example, Brazil and China switched to their national currencies, but so far the outline of the agreement is unclear as the volume and subject of the contracts in real and yuan have not been disclosed. Now the trade turnover is 150 billion dollars per year.
In addition, the Brazilian government has launched a project for the joint Brazilian-Argentine currency sur, which will circulate in the two countries and be used in trade with each other. Countries are still exploring the possibilities of switching to a new currency and are urging other countries in Latin America to join the project.
The main deal in the Middle East last year was the switch to the yuan in trade between China and Saudi Arabia. The UAE has also announced the transition to trade with China in the national currency, but so far only under the liquefied natural gas contract. The intention to switch to the yuan was also announced in Iraq. In Baghdad, there is a physical shortage of dollars in the market leading to the depreciation of the national currency, and the decision to switch to the yuan was made with the main consumer goods supplier.
India is not in a hurry to switch to the yuan due to the difficult relations between the countries and so far Delhi has decided to trade oil in dirhams with the UAE. In turn, negotiations are underway with the Reserve Bank of India on rupee trade from Maldives, Myanmar, Russia, England, Germany and New Zealand.
Also on April 14, the head of the first department of the CIS countries of the Russian Foreign Ministry, Mikhail Yevdokimov, said: Eurasian Economic Union (EAEU) countries planned to move away from the dollar in mutual agreements.
The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Observers – Moldova, Uzbekistan, Cuba.