Here’s another country making moves to ditch the US Dollar.
RT:
Venezuela is planning to shift away from the greenback in cross-border transactions, President Nicolas Maduro said earlier this week, claiming that the measure would help the Bolivarian Republic to free its economy.
It’s the latest country to publicly share plans to reduce its reliance on the US dollar. Similar measures have recently been announced by Argentina, Brazil and Iraq. Meanwhile, the BRICS group of nations are considering the introduction of a new reserve currency to replace the dollar.
“This is the path of Venezuela and the path of a free economy where currencies are not used to punish countries and impose sanctions,” Maduro said on Tuesday in an interview with local media.
Venezuela is ranked among the world’s five most-sanctioned nations. The South American country has suffered one of the largest economic contractions in history. Last year, Washington allowed US energy major Chevron to resume limited oil production in the country, but the majority of sanctions remain in place and continue to weigh on the Venezuelan economy.
Venezuela now has viable alternatives to the US Dollar and I’m just surprised they hadn’t started making moves earlier. They’ve been the target of US sanctions and even an attempted coup. Looks like they were just waiting until there was some positive momentum on this front.
The demise of the US Dollar is something that isn’t going to happen overnight. It is going to be a process that plays out over the next several years.
