Washington\u2019s \u201cabuse\u201d of financial instruments through sanctions is pushing the rest of the world away from the greenback, Paulo Batista has told RT<\/p>\n
The US is the main enemy of the dollar, prominent Brazilian economist and former International Monetary Fund (IMF) executive director, Paulo Nogueira Batista Jr., has told RT.\u00a0
\nWashington has increasingly weaponized its national currency, undermining trust in the greenback and the broader Western financial system, he said, in an exclusive interview with RT.
\n\u201cThe main enemy of the dollar and of the international payment system controlled by the West is the US itself,\u201d Batista said. \u201cThere is a move away from the dollar, from US Treasuries, to a large extent derived from the abusive use by the US of instruments [such as] SWIFT, of reserves.\u201d
\nHe said the \u201cmost notable case\u201d of such abuse is Russia, which saw about $300 billion in Central Bank reserves frozen in the West under sanctions imposed after the escalation of the Ukraine conflict in 2022. Beyond the asset freeze, the US and its allies removed most Russian banks from the SWIFT interbank messaging system and imposed full transaction bans on key financial institutions, effectively cutting Russia off from the dollar- and euro-dominated Western financial system.<\/p>\n
READ MORE: CIS conducting trade almost entirely in national currencies \u2013 Putin<\/p>\n
According to Batista, 2022 was a turning point when de-dollarization and the shift away from US-linked financial institutions \u2013 already slowly progressing \u2013 picked up pace.
\n\u201cCountries like Russia and China, also Iran, had already suffered sanctions or fears of sanctions from the US\u2026 But this was a watershed because of the scale of Russia\u2019s reserves and the assets frozen. Since 2022, major central banks, for example China\u2019s, are moving away from US Treasuries,\u201d he said.<\/p>\n
\u00a9\u00a0 Google screenshot <\/p>\n
READ MORE: US dollar hits 30-year low in global foreign reserves \u2013 IMF<\/p>\n
The dollar\u2019s share of global foreign exchange reserves has steadily declined over the past four years. Russia has essentially eliminated Western currencies in trade with CIS and BRICS nations, which have been doing the same with their other partners. Looking ahead, Batista said that while the greenback will remain an \u201cimportant\u201d global currency, the move away from the dollar will continue and its \u201chegemony\u201d will gradually weaken.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington\u2019s \u201cabuse\u201d of financial instruments through sanctions is pushing the rest of the world away from the greenback, Paulo Batista has told RT The US is the main enemy of…<\/p>\n","protected":false},"author":1,"featured_media":26264,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-26263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/26263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26263"}],"version-history":[{"count":0,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/26263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/media\/26264"}],"wp:attachment":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}