Shafaq News – Moscow
The process of moving away from the US dollar—referred to as"de-dollarization"—is already in motion across many countries, theExecutive Director of the International Monetary Fund and Vice President of theNew Development Bank, Paulo Batista Nogueira, affirmed on Monday.
In an interview with Russia’s Sputnik News Agency at theValdai Discussion Club, Nogueira described the US dollar as both costly andrisky, arguing that "the United States is undermining its credibilitythrough its behavior."
He highlighted the expansion of the New Development Bank asa strategic priority, while noting that the political enlargement of the BRICSgroup remains a separate and slower-moving process. “That goal has beenachieved very slowly, but it is ongoing,” he remarked, pointing out that memberstates increasingly rely on bilateral trade in national currencies and areavoiding the dollar within the bank's operations.
De-dollarization, he explained, is unfolding as countriesconduct transactions directly in their local currencies. “This is happeningwithin BRICS and beyond,” he noted.
Nogueira also observed a shift in global financial behavior,with states moving reserves away from the dollar and increasing trade indomestic currencies. “Eventually, in my view, we will need to move toward a newreserve currency. But that is something for the future.”
He dismissed the likelihood that Washington’s punitive strategies would reverse this trend. “Trump-era heavy-handed tactics will notwork, especially since the countries bypassing the dollar are not hostile tothe United States.”
As for a possible BRICS currency, Nogueira downplayed theprospect of near-term implementation, suggesting it may not materialize even inthe medium term, stressing that the concept should not be confused with aunified currency like the euro. “What could be done—and has been proposed byseveral people—is a shared reference currency for international transactions toreplace the dollar as an alternative.”
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