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The trend, known as “de-dollarization”, has gained momentum following the sanctions imposed by the United States on Russia in 2022. The adoption of this stance by several countries has the potential to alter the global economic balance.
The nations of the Commonwealth of Independent States (CIS) have decided to stop using the US dollar in commercial transactions, and it is no longer the main currency for international operations in 11 countries.
This decision seeks to redefine the value of their own currencies, reduce dependence on the dollar, and improve competitiveness in currency markets.
The 11 countries that left the dollar behind: the full list
Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, member countries of the Commonwealth of Independent States (CIS), have begun a process aimed at reducing dependence on the dollar in their cross-border transactions.
With 85% of cross-border transactions already carried out in local currency, CIS leaders have indicated that this initiative strengthens the economic sovereignty of their nations and creates new fiscal opportunities.
The objectives of reducing dependence on the dollar in large-scale financial transactions:
- Avoid the adverse effects of international sanctions.
- Strengthen their local currencies in the foreign exchange market.
- Diversify their reserves with assets such as gold.
De-dollarization could alter the global economy
De-dollarization represents a significant shift in the international financial system. By reducing dependence on the dollar, CIS countries could:
This process may also have negative consequences for the dollar. If demand for the currency in international transactions decreases, its value could be affected, leading to a loss of its status as the predominant reserve currency globally.