US Dollar Losing Dominance on Global Market

By Staff, Agencies

The governor of the Central Bank of the Philippines emphasized that the superior status of the United States ‘dollar’ will gradually decline in the world.

Speaking in an interview with RIA Novosti on Wednesday, Felipe M Medalla stressed that the outstanding situation of the US currency will gradually decline in the global economy.

The governor called for a multi-currency world although he stated that the dollar still has an advantage over other currencies globally because of the huge market for US government bonds and securities.

He is of the opinion that, as time goes by, the dominance of the US dollar will become less and less.

According to this report, de-dollarization has been accelerated across the world, because, more countries are seeking alternatives to ditch the American Greenback, he underlined.

Additionally, Russian President Vladimir Putin has recently announced that the US dollar and other Western currencies will inevitably lose their leading situation in global transactions, because the current policies of the Western countries will weaken the supremacy of the US dollar and euro in international payments.

According to the International Monetary Fund [IMF], the US dollar share in the global market downed 0.44 percent in 2022, which is regarded as the largest decline in official FOREX reserve than any other currencies.