“The dollar’s share of global foreign-exchange reserves fell below 59 per cent in the final quarter of last year, extending a two-decade decline, according to the IMF’s Currency Composition of Official Foreign Exchange Reserves data,” the paper stated. In 2022, the International Monetary Fund noted that central banks today are not holding the greenback as reserves in the same quantities as yesteryear. This move has been gaining speed in the last few years, especially in the previous year. Moreover, countries can reduce their exposure to currency fluctuations and interest rate changes, which can help to improve economic stability and reduce the risk of financial crises.

The proponents of de-dollarisation say that this process would reduce other countries’ dependence on the US dollar and the US economy, which could help mitigate the impact of economic and political changes in the US on their own economies. It is a process of substituting the US dollar as the currency used for trading oil and/or other commodities. This process is called de-dollarisation - and it refers to reducing the dollar’s dominance in global markets. However, not everybody likes playing by US rules and countries like Russia and China would like to call a halt to dollar hegemony.

Dollar to all currency