Talks over de-dollarization have been going on for a long time. This is hardly surprising as more countries are trying to ditch the US dollar in mutual settlements. Curiously enough, the blame for de-dollarization lies entirely with the US. Although the greenback will hardly be dethroned in the near future, its position is not as firm as earlier. Some countries have been able to switch to payments in rubles, Iranian reals, and yuan.
Economists have different points of view on when the era of the US dollar may come to an end. Even high-ranking officials speculate on this topic from time to time. For instance, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva shared her opinion on the matter. She said that the US dollar was gradually losing its status as the world’s main reserve currency. "There has been a gradual shift away from the dollar, it was 70% of reserves, now it is slightly under 60%," Kristalina Georgieva stated.
However, she sees no viable alternative to the US currency. "And if you are thinking of an alternative in a world in which we may migrate to central bank digital currencies massively… and there I don’t see an alternative, I don’t see it coming anytime soon," she stressed.
Earlier, Kristalina Georgieva predicted economic shocks due to the sharp slowdown of the global economy. She reckons that the global economy will hardly slide into a crisis as it was in 2008. However, the banking sector of the United States and Switzerland are exposed to risks.