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

0 8

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) $ 67,396.06
ethereum
Ethereum (ETH) $ 3,522.06
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 597.54
solana
Solana (SOL) $ 174.23
staked-ether
Lido Staked Ether (STETH) $ 3,520.20
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.596701
dogecoin
Dogecoin (DOGE) $ 0.133717
the-open-network
Toncoin (TON) $ 7.29
cardano
Cardano (ADA) $ 0.438406
tron
TRON (TRX) $ 0.134987
avalanche-2
Avalanche (AVAX) $ 29.27
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,342.04
polkadot
Polkadot (DOT) $ 6.37
chainlink
Chainlink (LINK) $ 14.28
bitcoin-cash
Bitcoin Cash (BCH) $ 396.37
near
NEAR Protocol (NEAR) $ 6.33
uniswap
Uniswap (UNI) $ 8.02
litecoin
Litecoin (LTC) $ 73.31
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.72
wrapped-eeth
Wrapped eETH (WEETH) $ 3,673.42
pepe
Pepe (PEPE) $ 0.000012
matic-network
Polygon (MATIC) $ 0.543267
internet-computer
Internet Computer (ICP) $ 10.31
kaspa
Kaspa (KAS) $ 0.181963
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47
ethereum-classic
Ethereum Classic (ETC) $ 24.01
aptos
Aptos (APT) $ 7.44
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105683
monero
Monero (XMR) $ 163.64
mantle
Mantle (MNT) $ 0.896185
blockstack
Stacks (STX) $ 1.92
render-token
Render (RNDR) $ 7.14
hedera-hashgraph
Hedera (HBAR) $ 0.075488
filecoin
Filecoin (FIL) $ 4.72
injective-protocol
Injective (INJ) $ 27.55
dogwifcoin
dogwifhat (WIF) $ 2.65
maker
Maker (MKR) $ 2,840.15
arbitrum
Arbitrum (ARB) $ 0.782994
okb
OKB (OKB) $ 43.03
immutable-x
Immutable (IMX) $ 1.67
cosmos
Cosmos Hub (ATOM) $ 6.54
crypto-com-chain
Cronos (CRO) $ 0.09429
vechain
VeChain (VET) $ 0.030829
bittensor
Bittensor (TAO) $ 341.07
arweave
Arweave (AR) $ 34.12
optimism
Optimism (OP) $ 1.91
sui
Sui (SUI) $ 0.853088
bonk
Bonk (BONK) $ 0.000031
the-graph
The Graph (GRT) $ 0.21897
first-digital-usd
First Digital USD (FDUSD) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,569.49
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,939.97
floki
FLOKI (FLOKI) $ 0.0002
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,653.26
lido-dao
Lido DAO (LDO) $ 1.94
notcoin
Notcoin (NOT) $ 0.016292
theta-token
Theta Network (THETA) $ 1.65
thorchain
THORChain (RUNE) $ 4.89
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.09
aave
Aave (AAVE) $ 99.77
based-brett
Brett (BRETT) $ 0.150186
fantom
Fantom (FTM) $ 0.524816
whitebit
WhiteBIT Coin (WBT) $ 10.14
jasmycoin
JasmyCoin (JASMY) $ 0.030196
jupiter-exchange-solana
Jupiter (JUP) $ 1.04
pyth-network
Pyth Network (PYTH) $ 0.371243
algorand
Algorand (ALGO) $ 0.160067
celestia
Celestia (TIA) $ 6.56
coredaoorg
Core (CORE) $ 1.43
sei-network
Sei (SEI) $ 0.397462
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,516.95
quant-network
Quant (QNT) $ 75.92
mantra-dao
MANTRA (OM) $ 1.32
gatechain-token
Gate (GT) $ 7.86
flow
Flow (FLOW) $ 0.65412
elrond-erd-2
MultiversX (EGLD) $ 36.24
beam-2
Beam (BEAM) $ 0.019233
gala
GALA (GALA) $ 0.026239
axie-infinity
Axie Infinity (AXS) $ 6.47
popcat
Popcat (POPCAT) $ 0.975669
kucoin-shares
KuCoin (KCS) $ 9.93
bitcoin-sv
Bitcoin SV (BSV) $ 47.67
msol
Marinade Staked SOL (MSOL) $ 209.97
eos
EOS (EOS) $ 0.618522
flare-networks
Flare (FLR) $ 0.020251
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,583.34
tokenize-xchange
Tokenize Xchange (TKX) $ 11.16
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090394219
ethereum-name-service
Ethereum Name Service (ENS) $ 26.67
akash-network
Akash Network (AKT) $ 3.58
ordinals
ORDI (ORDI) $ 41.34
neo
NEO (NEO) $ 12.11
ethena
Ethena (ENA) $ 0.492817