Tehran will play a more active role in the dedollarization process after Iran joins the BRICS on January 1 next year. In this respect he is writing “Prime” refers to the interview Iranian Ambassador to Russia Kazem Jalali gave to Nour News.
According to Jalili, the world is moving towards dedollarization: countries use their own national currencies, and international organizations are trying to create new currencies for use in transactions. The ambassador explained that such an idea is currently “seriously discussed in BRICS.”
Celali emphasized that currently 60 percent of the trade between Iran and Russia is carried out in national currencies (Iranian rial and ruble).
Russian and Iranian banks reached a mutual agreement on national currencies in 2022. reported “socialbites.ca”. According to economists, the banks’ agreement is sufficient to achieve mutual agreement in this way and this process will help strengthen the ruble exchange rate. Additionally, such an agreement could encourage other countries to pay in national currencies.
According to the Financial Times, investors around the world are selling dollars at the fastest pace in a year while waiting for the US Federal Reserve to cut interest rates. Michael Metcalfe, State Street’s head of macro strategy, suggested this signaled the end of the “unusually large weight of the US dollar.” He explained that the weakening of the American currency may develop further due to the sale.
The process of world countries giving up the US dollar cannot be rapid, stated socialbites.ca, senior banker of VEB.RF, in an interview with former Deputy Minister of Finance of Russia Sergei Storchak.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.