https://sputniknews.in/20230901/brics-to-create-alternative-to-us-dollar-to-end-greenback-dominance-american-economist-3971288.html
BRICS to Create Alternative to US Dollar to End Greenback Dominance: American Economist
BRICS to Create Alternative to US Dollar to End Greenback Dominance: American Economist
Sputnik India
The BRICS nations could create a “viable alternative” to the US dollar, which will lead to the American currency being the global dominant currency, a professor at Columbia University has told Sputnik India.
2023-09-01T12:20+0530
2023-09-01T12:20+0530
2023-09-01T14:02+0530
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The BRICS nations could create a “viable alternative” to the US dollar, eventually overthrowing the greenback's global monopoly, a professor at Columbia University has told Sputnik.Sachs expressed confidence that the process of toppling the American dollar as the dominant global currency was all but “inevitable”, as the share of US Gross Domestic Product (GDP) and the trade in global volume had been on the decline.The Johannesburg II Declaration released at the conclusion of the BRICS Summit in South Africa stressed the importance of “encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners”.Addressing the BRICS meeting, Russian President Vladimir Putin said that next Summit would take place in Kazan in October 2024.De-dollarization of Global EconomyThe major BRICS economies, including China, Russia and India, have been steadily encouraging the use of national currencies in their respective trade settlements, a process which has gained further momentum since the sweeping G7 economic sanctions against Russia since last February.Officials of these countries have stated blamed disruptions in the global financial architecture caused by western sanctions as one of the chief reasons for moving away from the US dollar.Even before that, the share of US dollar held by central banks around the world had been steadily decreasing, according to the International Monetary Fund (IMF).
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BRICS to Create Alternative to US Dollar to End Greenback Dominance: American Economist
12:20 01.09.2023 (Updated: 14:02 01.09.2023) Russian President Vladimir Putin told the BRICS Summit last month that the ongoing process of “de-dollarization” remained an “irreversible" global trend.
The BRICS nations could create a “viable alternative” to the US dollar, eventually overthrowing the greenback's global monopoly, a professor at Columbia University has told Sputnik.
"BRICS could create a viable alternative to the US dollar. Therefore, indeed, the US dollar will be overthrown as the pre-dominant global currency," stated American economist and public policy analyst Jeffrey Sachs.
Sachs expressed confidence that the process of toppling the American dollar as the dominant global currency was all but “inevitable”, as the share of US Gross Domestic Product (GDP) and the trade in global volume had been on the decline.
"BRICS will accelerate the transition to a multi-currency system. The dollar will still play its role, but much less among the many currencies," Sachs underscored.
The
Johannesburg II Declaration released at the conclusion of the BRICS Summit in South Africa stressed the importance of “encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners”.
“We task our Finance Ministers and/or Central Bank Governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to us by the next Summit, which is to be held under the Russian presidency.
Addressing the BRICS meeting, Russian President Vladimir Putin said that next Summit would take place in Kazan in October 2024.
De-dollarization of Global Economy
The major BRICS economies, including China, Russia and India, have been steadily encouraging the use of national currencies in their respective trade settlements, a process which has gained further momentum since the sweeping
G7 economic sanctions against Russia since last February.
Officials of these countries have stated blamed disruptions in the global financial architecture caused by western sanctions as one of the chief reasons for moving away from the US dollar.
Even before that, the share of US dollar held by central banks around the world had been steadily decreasing, according to the International Monetary Fund (IMF).
The share of US dollar held by central banks declined from 71 percent in 1999 to 59 percent in 2021, the IMF said.
