The massive refusal of countries to use the US dollar for foreign settlements will occur within the next decade. Recently, trading in this currency has become unprofitable due to a number of factors, including the recession in the United States and the unstable economic situation in the American financial market. opens words of candidate of economic sciences Ekaterina Fedyukovich Internet agency Ura.ru.
Countries may stop calculating in a single currency, the dollar, in the next 10 years. Today, when the US economy is extremely unstable and the recession is highly anticipated, and the value of the American currency against other currencies is falling, it becomes unprofitable to trade in dollars, ”Fedyukovich said.
According to him, the massive refusal of countries to use the dollar for foreign settlements will not happen immediately. This process will reflect the desire of some states to “rationalize economic relations and operations”. At the same time, the trend of abandoning the dollar began to manifest itself more actively in 2022 and early 2023.
1 May, Kristalina Georgieva, Director of the International Monetary Fund (IMF) statedthat the use of the US dollar in foreign settlements is now gradually abandoned at the global level. However, this issue is of no concern because in the short term there is no alternative to the US currency.