9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

0 0

9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

knife

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.

‘De-Dollarization Is Not a Voluntary Choice by Countries’

The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) as well as several others. The meeting was hosted by the central bank of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported.

The ACU currently has nine members: Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of India, Central Bank of Iran, Maldives Monetary Authority, Central Bank of Myanmar, Nepal Rastra Bank, State Bank of Pakistan, and Central Bank of Sri Lanka. Apart from the top officials of the ACU members, the governor of the Russian central bank is attending as an observer along with officials from Belarus and Afghanistan.

Commenting on the role of the U.S. dollar in the world economy and a growing number of countries shifting away from using the USD in trade settlement, Iran’s First Vice President Mohammad Mokhber said at the meeting:

De-dollarization is not a voluntary choice by countries anymore, it is the countries’ inevitable response to the ‘weaponization project of the dollar.’

Mokhber noted that over the past few decades, the “Weaponization of the dollar” has compelled countries to distance themselves from reliance on the USD in order to mitigate the potential impact of possible future sanctions.

Addressing the growing trend of countries seeking to diminish their reliance on the U.S. dollar, the Iranian first vice president pointed out that the weakening of the dollar poses a significant challenge to the United States’ global influence. Concluding his remarks, he emphasized that the Islamic Republic is ready to enhance its banking and trade relations with other nations, particularly ACU member states.

Iran has been ramping up its de-dollarization efforts, such as phasing out the USD in bilateral trade agreements with Russia. Earlier this month, Iranian President Ebrahim Raisi called on the central bank of Iran to ditch the U.S. dollar in trade and use national currencies instead. President Raisi also said Iran is seeking to join the BRICS economic bloc to counter Western hegemony and promote a multipolar world.

The BRICS countries (Brazil, Russia, India, China, and South Africa) have also pushed to reduce their reliance on the U.S. dollar. The economic group is discussing creating a common currency that is set to be discussed at its upcoming leaders’ summit. Ten Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), also recently agreed to encourage the use of national currencies instead of the U.S. dollar.

What do you think about a growing number of countries trying to move away from the U.S. dollar? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,821.45
ethereum
Ethereum (ETH) $ 1,904.39
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.75
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.505144
cardano
Cardano (ADA) $ 0.381014
staked-ether
Lido Staked Ether (STETH) $ 1,902.50
dogecoin
Dogecoin (DOGE) $ 0.072712
matic-network
Polygon (MATIC) $ 0.906308
solana
Solana (SOL) $ 20.89
tron
TRON (TRX) $ 0.076464
polkadot
Polkadot (DOT) $ 5.48
litecoin
Litecoin (LTC) $ 91.77
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.57
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,859.46
uniswap
Uniswap (UNI) $ 5.15
chainlink
Chainlink (LINK) $ 6.57
leo-token
LEO Token (LEO) $ 3.56
cosmos
Cosmos Hub (ATOM) $ 10.78
okb
OKB (OKB) $ 47.18
monero
Monero (XMR) $ 153.55
the-open-network
Toncoin (TON) $ 1.87
ethereum-classic
Ethereum Classic (ETC) $ 18.32
stellar
Stellar (XLM) $ 0.090093
bitcoin-cash
Bitcoin Cash (BCH) $ 115.14
internet-computer
Internet Computer (ICP) $ 4.90
true-usd
TrueUSD (TUSD) $ 1.00
filecoin
Filecoin (FIL) $ 4.70
lido-dao
Lido DAO (LDO) $ 2.22
aptos
Aptos (APT) $ 8.43
hedera-hashgraph
Hedera (HBAR) $ 0.05285
quant-network
Quant (QNT) $ 111.05
arbitrum
Arbitrum (ARB) $ 1.22
crypto-com-chain
Cronos (CRO) $ 0.060626
vechain
VeChain (VET) $ 0.020648
near
NEAR Protocol (NEAR) $ 1.63
apecoin
ApeCoin (APE) $ 3.21
ggtkn
GGTKN (GGTKN) $ 0.112323
the-graph
The Graph (GRT) $ 0.126485
algorand
Algorand (ALGO) $ 0.151405
the-sandbox
The Sandbox (SAND) $ 0.553567
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999692
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.90338
aave
Aave (AAVE) $ 67.26
rocket-pool
Rocket Pool (RPL) $ 49.75
elrond-erd-2
MultiversX (EGLD) $ 36.88
render-token
Render (RNDR) $ 2.51
fantom
Fantom (FTM) $ 0.328891
theta-token
Theta Network (THETA) $ 0.879271
tezos
Tezos (XTZ) $ 0.942077
decentraland
Decentraland (MANA) $ 0.481208
blockstack
Stacks (STX) $ 0.628981
axie-infinity
Axie Infinity (AXS) $ 7.07
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,040.89
flow
Flow (FLOW) $ 0.754698
havven
Synthetix Network (SNX) $ 2.41
immutable-x
ImmutableX (IMX) $ 0.764887
neo
NEO (NEO) $ 10.72
bitdao
BitDAO (BIT) $ 0.512604
usdd
USDD (USDD) $ 0.999985
kucoin-shares
KuCoin (KCS) $ 7.50
gala
GALA (GALA) $ 0.02994
radix
Radix (XRD) $ 0.07015
curve-dao-token
Curve DAO (CRV) $ 0.85488
whitebit
WhiteBIT Token (WBT) $ 4.78
gatechain-token
Gate (GT) $ 4.89
bitcoin-sv
Bitcoin SV (BSV) $ 34.21
conflux-token
Conflux (CFX) $ 0.31213
bitget-token
Bitget Token (BGB) $ 0.462082
kava
Kava (KAVA) $ 1.13
iota
IOTA (MIOTA) $ 0.219867
injective-protocol
Injective (INJ) $ 7.44
klay-token
Klaytn (KLAY) $ 0.19068
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000060476203
pepe
Pepe (PEPE) $ 0.000001
maker
Maker (MKR) $ 636.15
casper-network
Casper Network (CSPR) $ 0.049453
sui
Sui (SUI) $ 1.03
chiliz
Chiliz (CHZ) $ 0.100846
huobi-token
Huobi (HT) $ 3.21
mina-protocol
Mina Protocol (MINA) $ 0.569641
tokenize-xchange
Tokenize Xchange (TKX) $ 6.45
pax-gold
PAX Gold (PAXG) $ 1,955.65
optimism
Optimism (OP) $ 1.52
terra-luna
Terra Luna Classic (LUNC) $ 0.000087
frax-share
Frax Share (FXS) $ 6.86
marumarunft
marumaruNFT (MARU) $ 0.249968
gmx
GMX (GMX) $ 56.39
dash
Dash (DASH) $ 43.33
compound-ether
cETH (CETH) $ 38.18
ecash
eCash (XEC) $ 0.000025
tether-gold
Tether Gold (XAUT) $ 1,944.61
trust-wallet-token
Trust Wallet (TWT) $ 1.09