Since the beginning of Russia’s military operation in Ukraine, the rate of dedollarization in the world has increased 10 times compared to the previous 15 years. In an interview with a German publication on this subject Strip said former IMF economist Steven Yen.
“If you take into account the change in the value of the dollar, we estimate that the share of foreign exchange reserves has lost about 11 percentage points since 2016,” Yen said.
According to expert observations, the elimination of the dollar has accelerated 10 times compared to the rate observed 15 years ago. “The decisive event was the US decision to freeze Moscow’s dollar reserves. “This situation has caused fear and anxiety not only in Beijing but also in other developing countries,” Yen emphasized.
According to him, funds withdrawn from the dollar flowed into the euro, yen and yuan. But most experts did not notice this when estimating reserves in dollars using IMF data on nominal values. He also reminded that states account for only 2 percent of dollar sales. Even a complete refusal by the BRICS countries to use the dollar in trade will not significantly affect demand.
Recently, former Deputy Minister of Finance of the Russian Federation Storchak saidWhen the world abandons the dollar.
Previously US dollar guess its role in the global economy is decreasing.