Russia and Iran have officially stopped using the US dollar for trade between their countries, switching entirely to their own national currencies—the Russian ruble and the Iranian rial. This major shift, confirmed by Mohammad-Reza Farzin, the Governor of the Central Bank of Iran (CBI), marks a bold move to sidestep
At the beginning of April, Zimbabwe introduced a new currency called Zimbabwe Gold, or ZiG for short. What makes this currency special is that it’s fully backed by real, valuable assets like gold and other foreign currencies, giving it more credibility than past currencies the country has tried. However, the
India is considering using a Russian alternative to the SWIFT financial messaging system for making payments in trade deals with Russia, according to a report from *Business Line*. This move comes as both nations seek to reduce their reliance on the US dollar and navigate around Western sanctions. Russia’s SWIFT
At a recent conference in New Delhi, Noel Tata from TATA International Ltd. proposed using the Indian rupee for trade between India and Africa, aiming to break free from the dollar’s dominance in global trade. This move is part of a broader “rupee revolution,” reflecting similar efforts by Malaysian Prime
Last month, US Federal Reserve Chairman Jerome Powell warned that America’s rising debt is unsustainable, echoing concerns from El Salvador’s President Nayib Bukele who called the Fed’s money-printing a “bubble” waiting to burst. Central banks around the world are increasingly abandoning the US dollar, driven by the US’s financial sanctions
Recent findings from the Hinrich Foundation indicate that China’s shift away from the USD signifies the commencement of de-dollarization. Furthermore, data reveals that the percentage of settlements conducted in RMB has now exceeded those in USD. Like many other nations, China has settled the majority of its cross-border payments in
Professor and economist Richard Wolff said that BRICS expansion goes hand in hand with de-dollarization and the decline of the ‘US empire’. The expansion of the BRICS group of emerging economies has coincided with the US dollar’s loss of dominance as the world’s reserve and trade currency. Professor and economist
As de-dollarization accelerates, the central banks of Asian countries that are part of the Asian Clearing Union will adopt Iran’s SWIFT alternative, SEPAM. The central banks of Asian countries that are part of the Asian Clearing Union will adopt Iran’s SWIFT alternative as de-dollarization accelerates. In the latest shot fired
