2024-07-14 13:15:28
The US Treasury Department has admitted that sanctions against Russia have made “the dollar less attractive as a global currency.”
According to the Asia Times, US Treasury Secretary Janet Yellen said, “The extraordinary measures taken by the United States and its allies against Russia have embarrassed and worried major countries with financial reserves.”
The minister admitted that “although the Global South cannot completely abandon the use of the dollar, most of its countries are no longer ready to work with it.”
The US Treasury Secretary said, “The reason for this, to some extent, is the policy pursued by the BRICS group to weaken the US currency.”
The newspaper believes that “US President Joe Biden’s decision to freeze part of Russia’s foreign exchange reserves was a red line for many major investors. The article concluded that there is reason for Secretary Yellen to be concerned about the dollar losing its role and status, because the process of eliminating the dollar from financial transactions has already been launched.”
Earlier, Alexei Mukhin, Russia’s managing director at the International Monetary Fund, said that in the event of the collapse of the dollar and the international monetary system, the BRICS countries could offer an alternative, including a real currency backed by commodities available on the exchanges.
Last updated: July 13, 2024 – 13:08
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2024-07-14 13:15:28