9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

Top officers from 9 Asian international locations, members of the Asian Clearing Union (ACU), have gathered in Tehran for his or her annual assembly, the place de-dollarization takes middle stage. In addition to the officers from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central financial institution governor and officers from Belarus and Afghanistan additionally attended the assembly.

‘De-Dollarization Is Not a Voluntary Choice by Countries’

The two-day 51st annual Asian Clearing Union (ACU) assembly started on Tuesday in Tehran, with participation from officers representing members of the Asian Clearing Union (ACU) in addition to a number of others. The assembly was hosted by the central financial institution of Iran and de-dollarization was a key subject mentioned on the occasion, Tasnim information service reported.

The ACU at present has 9 members: Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of India, Central Bank of Iran, Maldives Monetary Authority, Central Bank of Myanmar, Nepal Rastra Bank, State Bank of Pakistan, and Central Bank of Sri Lanka. Apart from the highest officers of the ACU members, the governor of the Russian central financial institution is attending as an observer together with officers from Belarus and Afghanistan.

Commenting on the position of the U.S. greenback on this planet financial system and a rising variety of international locations shifting away from utilizing the USD in commerce settlement, Iran’s First Vice President Mohammad Mokhber mentioned on the assembly:

De-dollarization will not be a voluntary alternative by international locations anymore, it’s the international locations’ inevitable response to the ‘weaponization project of the dollar.’

Mokhber famous that over the previous few many years, the “Weaponization of the dollar” has compelled international locations to distance themselves from reliance on the USD in an effort to mitigate the potential influence of attainable future sanctions.

Addressing the rising pattern of nations in search of to decrease their reliance on the U.S. greenback, the Iranian first vp identified that the weakening of the greenback poses a major problem to the United States’ world affect. Concluding his remarks, he emphasised that the Islamic Republic is able to improve its banking and commerce relations with different nations, notably ACU member states.

Iran has been ramping up its de-dollarization efforts, resembling phasing out the USD in bilateral trade agreements with Russia. Earlier this month, Iranian President Ebrahim Raisi known as on the central financial institution of Iran to ditch the U.S. dollar in commerce and use nationwide currencies as a substitute. President Raisi additionally mentioned Iran is in search of to hitch the BRICS financial bloc to counter Western hegemony and promote a multipolar world.

The BRICS international locations (Brazil, Russia, India, China, and South Africa) have additionally pushed to scale back their reliance on the U.S. greenback. The financial group is discussing making a common currency that’s set to be discussed at its upcoming leaders’ summit. Ten Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), additionally just lately agreed to encourage the usage of nationwide currencies as a substitute of the U.S. greenback.

What do you consider a rising variety of international locations making an attempt to maneuver away from the U.S. greenback? Let us know within the feedback part beneath.