đşď¸đđđľđ¸11 countries declare financial independence: Is it the end of the dollar's reign?
Dedollarization is no longer just a hypothesis but is becoming a concrete geopolitical strategy. Eleven member countries of the Commonwealth of Independent States (CIS) have decided to abandon the use of the US dollar in their international transactions, marking a significant shift in the global financial system.
đ Which countries are involved?
The 11 countries that have taken this step are:
⢠Armenia
⢠Azerbaijan
⢠Belarus
⢠Kazakhstan
⢠Kyrgyzstan
⢠Moldova
⢠Russia
⢠Tajikistan
⢠Turkmenistan
⢠Uzbekistan
⢠Ukraine
Although Ukraine has tensions with Russia, it still remains part of the CIS in certain economic aspects.
đ Why are they saying goodbye to the dollar?
The reasons behind this decision include:
⢠Strengthening their local currencies against the dollar.
⢠Avoiding the effects of international sanctions, especially those imposed by the US on Russia since 2022.
⢠Diversifying reserves with assets like gold.
⢠Increasing economic sovereignty, with over 85% of cross-border transactions already conducted in local currencies.
đ What impact could this have?
⢠Reduction of the dollar's influence as a global reserve currency.
⢠Greater prominence of local currencies in international trade.
⢠Possible weakening of the dollar if this trend expands to other emerging economies.
Putin expressed it this way: "The use of national currencies in mutual payments is expanding. Their share in trade operations among CIS members already exceeds 85%"
