En esta noticia
The member nations of the Commonwealth of Independent States (CIS) have decided to abandon its use US dollar, which has ceased to be the main currency for international operations in 11 countries. This decision seeks to give new meaning to the value of their own currencies, reduce dependence on the dollar and improve competitiveness in currency markets.
This trend, known as “de-dollarization”, has gained momentum after the sanctions imposed by the United States on Russia in 2022. Countries that adopt this stance can significantly alter the global economic balance.
Goodbye to the dollar: these are the countries that have left the US currency behind
Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, countries that are members of the Commonwealth of Independent States (CIS), have begun a process to reduce the use of 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 measure strengthens the economic sovereignty of their nations and generates new fiscal opportunities.
The purpose of reducing the dollar’s presence in large money transactions is:
- Strengthen their local currencies in the foreign exchange market.
- Avoid the adverse effects of international sanctions.
- Diversify their reserves with assets such as gold.
Russian President Vladimir Putin has stated that “the use of national currencies in mutual payments is expanding. Their share in trade operations among CIS members already exceeds 85%”.
What are the consequences of de-dollarization in global trade?
De-dollarization implies a profound change in the international financial system. By reducing dependence on the dollar, CIS countries could:
- Reduce the influence of the United States in the global economy.
- Create new markets based on local currencies.
- Generate greater stability for their economies in the face of dollar fluctuations.
This process could have negative consequences for the dollar. If demand for the currency in international transactions decreases, its value could be affected, which would imply a loss of its status as the predominant reserve currency worldwide.
As more emerging economies follow this trend, the US currency could lose relevance in the coming years, giving way to a global landscape where local currencies assume a central role, challenging the historic dollar supremacy.