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
This story is from the June 1 - 30, 2023 edition of BUSINESS ECONOMICS.
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This story is from the June 1 - 30, 2023 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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