The term "de-dollarization" refers to the process of reducing reliance on the US dollar in international trade and finance. While the concept has been discussed for several decades, its prominence has grown in recent years due to geopolitical shifts and economic strategies by various countries.
The exact first use of the term is difficult to pinpoint, but it has gained significant attention particularly after the 2008 financial crisis. In recent years, countries like China and Russia have actively pursued de-dollarization to mitigate the impact of US economic sanctions and to diversify their foreign reserves.
This trend aims to reduce reliance on a single currency and enhance economic stability by using various local currencies. By focusing on their own currencies, nations aim to minimize geopolitical risks and bolster their domestic economies. This shift is reshaping global trade and financial systems, potentially lessening the worldwide dominance of the US dollar.
In this video, we explore the growing movement of BRICS+ countries, decreasing their reliance on the US dollar for international transactions. We examine the motivations behind these choices and provide insights into their economic tactics. Furthermore, we highlight the de-dollarization initiatives within the BRICS+ alliance, showcasing significant steps these nations have taken to diversify the currencies used in global trade.