En esta noticia
The US dollar faces one of the biggest challenges in its history: 11 countries have decided to stop using it in international commercial transactions. These nations, members of the Commonwealth of Independent States (CIS), seek to strengthen their local currencies, reduce their dependence on the dollar, and gain competitiveness in the foreign exchange markets.
This change is part of a trend known as “de-dollarization“, which gained momentum after the sanctions imposed by the United States on Russia in 2022. The transition not only seeks financial autonomy but could also significantly alter the global economic balance.
With 85% of cross-border transactions already carried out in local money, CIS leaders have pointed out that this decision strengthens the economic sovereignty of their nations and opens up new fiscal opportunities.
Which countries abandoned the dollar, and why
The countries that make up the CIS are Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine. Although the latter has had recent conflicts with Russia, most of the nations have maintained close economic agreements and have decided to join this initiative.
The decision to abandon the dollar responds not only to political reasons but also to economic ones. By reducing their dependence on the US currency, these nations seek:
- Strengthen their local currencies in the foreign exchange market.
- Avoid the adverse effects of international sanctions.
- Diversify their reserves with assets such as gold.
In the words of the Russian president, Vladimir Putin, “the use of national currencies in mutual payments is expanding. Their share in trade operations among CIS members already exceeds 85%“.
What impact will de-dollarization have on global trade?
De-dollarization represents a significant change in the global financial system. By relying less 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.
However, this move could also have adverse effects on the US currency. Lower demand for dollars in international trade could reduce their value and affect their role as the main global reserve currency.
As other emerging economies follow this path, the dollar could face a scenario of lower relevance in the coming decades. This would mark an international turning point, where local currencies would gain prominence over the historical dominance of the dollar.