The Reserve Bank of India has requested the nation’s principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters. It seems that India is now seeking a similar agreement with Gulf crude exporters, four months after its government rejected efforts from Russian oil corporations
The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade. To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the
The BRICS countries have been pursuing a wide range of initiatives to decrease their dependence on the dollar, raising the question of how long the dollar will last as the world’s default currency. Chinese President Xi Jinping at the 14th BRICS Summit via video link in Beijing, capital of China,
Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow’s dependency on the U.S. dollar and euro. Rupee accounts would be available from Wednesday, Russia’s Sberbank said. Russia’s dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies
China has also increasingly promoted the global usage of the yuan and expanded foreign investors’ access to its commodity exchanges in order to erode the dominance of the US dollar in global trade agreements. The US dollar is nowhere close to being dethroned as the dominant reserve currency and standard
In 2021, China derived 43% of its GDP from investment, which is twice as much as the US and other Western countries. If China shifts some of its GDP to consumption, it could reduce its trade surplus by encouraging consumers to buy more imported goods. This could potentially position China
In an opinion piece published by Foreign Policy, former White House economist Joseph Sullivan said, “If BRICS uses its own currency for trade, it will end the dollar’s hegemony.”
Holders of dollars will see their purchasing power plummet, which is not a good thing for ordinary Americans if the US loses reserve currency status, and the fault will lie with the decades of monetary and fiscal mismanagement made possible by the dollar’s status as a global reserve currency. Earlier
The Reserve Bank of Zimbabwe has announced that Zimbabwe will launch a gold-backed digital currency, dumping the US dollar. Zimbabwe has become the latest country to dump dollar and has decided to issue gold-backed digital currency for “investment purposes with a vesting period of 180 days.” The country’s central bank
