Several months prior to this announcement, the Finance Minister of Saudi Arabia had also expressed openness to conducting business in currencies other than the US dollar. During a meeting of BRICS (Brazil, Russia, India, China, and South Africa) economies held in March of this year, the development of a common currency to promote mutual trade was discussed. These global developments have prompted economists worldwide to begin discussing the process of de-dollarization. This article examines how the US dollar's dominance was established over the past century, its current decline, and possible alternatives.
The history of the dollar's ascendancy
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