April 16th, 2024
Newsweek recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing Russian President Vladimir Putin’s plan to reduce the use of the U.S. dollar in global transactions.
Despite Russia’s efforts to “de-dollarize” its economy and promote alternative currencies within the BRICS (Brazil, Russia, India, China, and South Africa) alliance, the dollar remains the primary choice for international transactions.
“BRICS countries would like their currencies to be used in world trade, but each has a major problem preventing traders from accepting their currencies,” Zagorsky adds.
Without significant policy changes from other major countries, the dollar is unlikely to lose its dominance.
