De-Dollarization: 2 Countries Settle 80% of Trade in Local Currencies
The de-dollarization agenda is advancing globally as like-minded countries are settling trade in local currencies and not the US dollar. In the latest, Russia and Kazakhstan mutually paid 80% of their trade in national currencies sidelining the US dollar. The development has strengthened ties between the two neighboring countries and are now aiming to continue the process. The move will add strain on the US dollar’s prospects as nations sideline it for cross-border transactions. Also Read: 5 US Commercial Sectors To Be Affected If De-Dollarization Advances Read here to know how many sectors in the US will be affected if the de-dollarization agenda grows stronger globally. The USD could lose out on the global supply and demand mechanism in the currency markets. If the demand for the USD dips, the American economy could face inflation where the costs of daily essentials could skyrocket. Also Read: Amazon Stock: Buy AMZN, Target $270 to $285 Amid AI Boom De-Dollarization: Russia & Ka...