The Quiet Money Rebellion: Countries Saying Goodbye to the Dollar
While geopolitical conflicts shake international markets, the Commonwealth of Independent States (CIS) has decided to strengthen its economic autonomy and reduce its dependence on the US dollar. This strategic move is reshaping the rules of the game in the financial world. The decision to restrict the use of the dollar in bilateral operations within the CIS has not gone unnoticed. The goal is to promote the use of national currencies in internal transactions. Currently, over 85% of trade within the CIS is conducted using local currencies, a significant shift from previous decades.
This shift is part of a broader movement by various powers seeking to diversify their financial systems and gain independence in a global context marked by sanctions, wars, and diplomatic tensions. The dollar, once a symbol of stability, is now facing a reevaluation of its role in strategic regions around the world.
Countries within the CIS, such as Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Armenia, Azerbaijan, and Moldova (although the latter has reduced its participation in the bloc), are leading the charge in distancing themselves from the dollar. Turkmenistan and Georgia have officially left the CIS, but their decisions still have implications beyond the bloc and could inspire other regions to question their reliance on the dollar in the near future.
