De-dollarization increases ten times since February 2022
Date
9/14/2023 9:50:51 AM
(MENAFN) The international shift far from the US dollar has escalated ten times since February 2022 in comparison to the past 15 years, Stephen Jen, the chief executive of Eurizon SLJ Capital Limited, informed a German newspaper on Thursday.
As stated by the past International Monetary Fund and Morgan Stanley economist, most of forecasters are not following the trend for the reason that they appraise the nominal worth of central banks’ dollar holdings in the light of statistics issued by the IMF.
“However, if we take into account changes in the value of the dollar, then, according to our calculations, we’ll see that the dollar share in foreign reserves has lost about 11 percent since 2016,” Jen clarified.
He claimed that Washington’s verdict to freeze Russia’s greenback reserves following the start of Moscow’s military task in Ukraine had been the crucial event.
“This has fueled fear and anxiety in Beijing, but also in other emerging countries,” he declared, further mentioning that holding reserves in US dollars had been always seen totally safe until the extreme change.
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