De-Dollarization: Russia Removing All US Dollar Assets From Its $600 Billion ...
Russia has reportedly announced that U.S. dollar assets will be removed from its National Wealth Fund as U.S. sanctions on Moscow intensify. The fund, which currently totals about $600.9 billion, forms part of Russia’s gold and currency reserves. Russia Steps up De-Dollarization Efforts Russia’s finance minister, Anton Siluanov, announced at the St. Petersburg International Economic Forum on Thursday that dollar assets will be removed from the National Wealth Fund (NWF) altogether as Washington continues to impose sanctions on Moscow. According to a translation by Reuters, he....
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Last week, the Russian president said it was “a bit early” to use cryptocurrencies to settle oil trades. As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies.Aleksandr Pankin, deputy minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its usage in settlement with foreign partners in a Tuesday interview with local news agency....
Prof. Steve Hanke, who 14 years ago was the chief intellectual architect of Ecuador's points out that Dollarization brought great benefits to the Ecuadorian people. Now that there is a growing pressure from the government to totally quit Dollarization, Prof. Hanke says that going off the dollar will also have terrible consequences for Ecuador's economy: "If you go off, the fiscal deficit gets bigger, the level of debt gets bigger, inflation goes up and economic growth goes down. All the economic indicators just go south." Ecuadorians are perfectly aware that dollarization has enabled them....
Russia is now holding more gold than U.S. dollars in its reserves for the first time, according to the latest report by Russia’s central bank. Russian President Vladimir Putin has made de-dollarization his country’s key policy to reduce the Russian economy’s exposure to the U.S. dollar amid heavy sanctions. Russia Now Has More Gold in Its Reserves Than US Dollars Gold has reportedly surpassed U.S. dollars in Russia’s reserves of $583 billion for the first time, according to a report published this week by the Bank of Russia. The country has been growing its....
In the article "Why The Bitcoin Price Drop Is Really Good News" I mentioned the upcoming issues on the horizon for the U. S. Dollar. Many nations are trading internationally without it now, and these "bilateral trade agreements" are on the rise. Growing global disinterest in the dollar will only increase the need for monetary alternatives that can be easily sent globally, like Bitcoin. Now, news is breaking out of Russia that they may be ready to end their time using the U. S. Dollar as Russia can move from the US Dollar much sooner than we thought. Also read: Russia Plans Bitcoin Ban by....
India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” RBI’s Crypto Warnings and....