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Expert names non-obvious factor in dollar's decline in popularity
The share of the US currency in international reserves has fallen to its lowest level in 30 years due to US sanctions policies that have undermined confidence in the dollar. But, as RIA Novosti reports, there is another reason.
According to Paulo Nogueira Batista, former head of the International Monetary Fund in Brazil, the dollar is under threat due to “unprecedented financial sanctions against Russia.” The expert emphasizes that more and more countries are looking for alternatives.
It is noted that central banks of many countries are seeking to reduce the share of the American currency in their reserves, since Washington uses the dollar as an instrument of pressure on foreign policy. This forces countries to choose less toxic currencies and gold to diversify their risks.
But this is not the only reason for the decline in interest in the dollar. Another reason, experts say, is the growing popularity of stemcoins.
Russia has reduced the dollar's share in international transactions by almost half, to 17%. Thus, the ruble accounts for 67% of export payments to Europe, as well as 80% and 84% of the national currency in trade with Asia and Africa.