Home News U.S. Treasury Secretary Acknowledges ‘Sanctions’ Contributing to Dollar Decline
NewsWorld

U.S. Treasury Secretary Acknowledges ‘Sanctions’ Contributing to Dollar Decline

468
U.S. Treasury Secretary Acknowledges That 'Sanctions' on Russia Are Contributing to the Decline of the U.S. Dollar

U.S. Treasury Secretary Janet Yellen has made known the impact of  ‘sanctions’ on the U.S. dollar, especially with the growing de-dollarization movement being led by the BRICS.

Yellen’s testimony was quite telling regarding the economic consequences for the U.S. from its ‘sanctions policy,’ particularly those imposed on Russia in 2022, which accelerated efforts by BRICS to lessen reliance on the dollar.

The more sanctions the U.S. imposes, the more countries will seek financial transaction methods that do not involve the U.S. dollar, Yellen said.

She observed that this has resulted in an increased number of developing countries looking at alternative options, which BRICS is capitalising on through its call for using local currencies whenever there is international trade.

According to the report, the BRICS alliance Russia, India, Brazil, China, and South Africa—are actively rooting for a shift from the dollar.

According to reports, the coalition will likely be pushing ahead with the launch of a gold-backed currency in what could be a far-reaching move toward advancing the establishment of a multipolar financial world.

A formal announcement of a new currency is expected during the next BRICS summit in October 2024, according to reports.

Read more: Trump Survives Assassination Attempt by 20-year-old Man at Pennsylvania Rally

About The Author

Related Articles

EducationNews

Namibia’s New President to Offer Free University Education from 2026

Namibia will scrap tuition and registration fees at public universities and technical...

NewsSecurity

Gunmen Abduct 35 Passengers in Separate Attacks Along Akwa Ibom-Cross River Waterways and in Benue

At least 15 passengers were abducted by gunmen on Thursday along the...

FinanceNews

Stephen Akintayo Advertises $18,000 Mentorship Programme Amid Multiple Fraud Allegations

Nigerian entrepreneur Dr. Stephen Akintayo has been criticised after launching a high-priced...

Nigeria's Inflation is Not Looking Good, NBS 2024 Report Shows
FoodNews

SBM Survey Shows Worsening Food Insecurity in Nigeria and Ghana

A recent report by SBM Intelligence has shown that food insecurity is...