The expert predicts that the era of dollar dominance in the global financial system will end in the next decade. This was reported by TASS Citing American economist, Columbia University professor Jeffrey Sachs.
The reason for this is that the share of the USA in the world economy is gradually decreasing, while developing countries are growing faster. Sachs said the key factor is central banks’ transition to digital currencies to replace the dollar in payments.
He also noted that the United States, especially in the last 15 years, has abused its privileges as the main reserve currency by using the dominance of the dollar to achieve geopolitical goals.
In mid-September, a former IMF economist said in an interview with the German newspaper Welt that the elimination of the dollar in the world in the last 15 years grew up 10 times. According to the expert, the dollar has lost nearly 11 percentage points as a share of foreign exchange reserves since 2016. The expert described the freezing of Moscow’s dollar reserves as one of the main events that caused this process.
dollar before Established Popularity record for payments via SWIFT.
Source: Gazeta
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