Reducing the share of the dollar in international reserves and trade exchanges

According to Iran EconomistFor years, authorities and experts have been trying to eliminate the impact of the dollar on the country’s economy, but no significant results have been achieved. One of the tools that is usually discussed in the discussion of de-dollarization of the country’s economy is conducting transactions based on local currencies and eliminating the dollar in business relations. This policy is being pursued seriously in the 13th government, and one of the most important measures is the establishment of Russian bank offices and branches in the country, which happened last week.

The action of countries to eliminate the dollar by using local and transnational currencies

Asghar Balsini, an economic expert, in an interview with a reporter Iran is an economist Regarding the neutralization of sanctions against the economy and the removal of the dollar in transactions, he said: Due to the various changes that have occurred in the international economic environment in recent years, the movement towards the plural use of currencies in different regions of the world has increased greatly.

He added: Due to the extensive misuse of the dollar as a tool of pressure on various countries, America has practically created a situation where international currency interactions will be limited if they are not in line with the interests of the Americans, and the best tool that is used is It is the dollar that has been expanding as a global currency for several decades.

Actions of China and Russia to eliminate the dollar

This economic expert stated: It is in such a situation that different countries have gained valuable experience, for example, our country as a country that has been severely affected by cruel sanctions in the field of sanctions, especially in the field of foreign exchange and international exchange, or Russia. As a country that has faced many sanctions in recent years and has taken effective steps in this regard.

He stated: On the other hand, China, as a country with high economic growth, is expected to overtake America in terms of GDP by 2030. Accordingly, as a developing country, it naturally seeks to Promote your currency as a rival currency next to the dollar.

The use of Russian banking messenger is expanding

Balsini added: All these factors have caused the movement towards local currencies and transnational currencies other than the dollar to increase, and this problem has shown itself in the reduction of the dollar’s share in international reserves and international exchanges.

This economic expert said: Regarding our country, due to the restrictions that have existed, for example, in the last year, with the restrictions that were created in the field of SWIFT as an international messenger, the Russian messenger SPFS, which is one of the expanding messengers. It has been replaced so that the country does not have problems in the field of currency exchange.

The proposal to create a digital currency of central banks at the Asian Exchange Summit in Tehran

Referring to the Asian exchange meeting that was held in Tehran, he said: the proposal of central bank digital currency or CDBC of central banks has been proposed that the settlement of currencies and exchanges between countries should take place with a central bank digital currency accepted by the countries, or that many efforts should be made. If other local currencies such as the Chinese Yuan and the Indian Rupee are used in currency and financial transactions, all these cases are a new and well-developed movement that creates a significant challenge for the hegemony of the dollar in the international economy.