USE OF FINANCIAL SANCTIONS ERODED THE DOMINANCE OF DOLLAR

"Process of de-dollarization has begun’

“It’s clear that it (de-dollarization) will not happen at once, but the process has begun,” Mozhin said, anticipating a steady decline in the dominance of dollar.

Mozhin also highlighted some US officials sounding the alarm on the risk of the dollar losing its status of the world’s reserve currency.

He further associated the US currency’s long-standing dominance in the global economy with a lack of competition since most international settlements and deposits worldwide are in dollars.

Recently, US Treasury Secretary Janet Yellen acknowledged that the use of financial sanctions could erode the dominance of the dollar."

Source

https://www.firstpost.com/world/us-responsible-for-de-dollarization-says-imf-12801912.html

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