Iran and Russia, both under a raft of sanctions that block their access to Western financing, are commonly vocal about the idea of the “de-dollarized” global financial system.
That idea was high on the agenda at the 51st summit of the Asian Clearing Union, a nine-member group of central banks, Iran said.
“Vice-President of the Islamic Republic [Mohammad Mokhber] says dollar domination is on the verge of collapse, noting that de-dollarization is an inevitable response of countries to the weaponization project of the dollar,” the Islamic Republic Press Agency reported from the summit in Tehran on May 24.
That is false.
There are no indications of the U.S. dollar’s imminent demise. While yielding some positions to currencies’ diversification, the greenback remains strong and continues to dominate global trade and finance.
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