Ex-IMF chief tells Russian news agency: dollar is ‘dangerous currency’
Date
9/29/2024 8:35:02 AM
(MENAFN) In a recent interview with RT, Paulo Nogueira Batista Jr., a former Brazilian representative at the International Monetary Fund (IMF), described the U.S. dollar as a "dangerous currency," emphasizing its declining trustworthiness as the global reserve currency. Batista pointed out that many nations are actively seeking alternatives to the dollar, marking a significant trend toward de-dollarization.
He referenced the freezing of approximately $300 billion in Russian sovereign assets held in Western jurisdictions as a key example of how the dollar can be weaponized. This situation, he argued, has compelled countries to reassess their reliance on the dollar and explore other financial systems. Batista asserted that the United States has become the "main enemy of the dollar" by using its currency as a tool of coercion against nations viewed as adversaries.
While he acknowledged that the dollar will continue to be an important global currency, Batista cautioned that its use as a political weapon is eroding international confidence in it. He also criticized the IMF, suggesting that it operates more as a political instrument for Western interests rather than a truly multilateral institution.
Batista highlighted the disparity in how the IMF disburses loans, noting that Ukraine received substantial financial support without a coherent economic program, whereas countries that do not align with Western policies, like Serbia, often face barriers to accessing IMF resources. His remarks reflect growing concerns about the politicization of financial systems and the implications for global economic stability.
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