Banknotes: US dollars and euros. File photoMOSCOW, Apr 15Delaying the situation with Russia disconnecting from SWIFT will undermine the hegemony of the dollar in the face of the refusal of the US currency in international settlements in the long term, Daisuke Karakama, chief economist at the Japanese bank Mizuho, said in an article in JB Press. According to the specialist, at the end of March, the IMF published data from the Foreign Exchange Official Reserves (COFER) Currency Structure Division, while the Department's latest data draws attention to the fact that the share of the dollar periodically reaches historical lows.
The Ministry of Foreign Affairs spoke about the desire of the EAEU countries to abandon settlements in dollars. the situation with Russia disconnecting from SWIFT threatens the hegemony of the dollar. «The possibility of connecting Russia to the Chinese international interbank payment system CIPS in connection with the blocking of SWIFT, where dollars are mainly used, was discussed from the very beginning of the sanctions. If this becomes the norm, the hegemony of the dollar will crack,» the economist warns. huge impact, but over time, Russia will adapt to this. As a result, this will encourage those who fear financial sanctions from the United States, the expert believes. At the same time, the economist notes that in the near future the hegemony of the American currency will not go anywhere, but as you get used to the world without SWIFT, the situation will gradually change. «The main country that is afraid of US financial sanctions is China, which has the world's largest foreign exchange reserves of about $3.2 trillion,» warns Karakama. In general, over the past 20-odd years, the share of the dollar in foreign exchange reserves has declined. by about 12 points from 71% to 59%, and this vacuum was filled by other currencies, in particular, the yuan, which rose by 8.3 points from 1.7% to 10%. According to the economist, it is clear that the trend in the management of foreign exchange reserves over the past quarter century has been to get rid of the dollar and switch to the currencies of rapidly developing countries and resource-rich states. «Certainly, an international monetary system in which the dollar plays a major role is unlikely to change significantly overnight, but Russia's disconnection from SWIFT has created a simulation of a «future without the dollar» and this could lead to changes in how some countries manage their foreign exchange reserves,» the expert concludes. After the start of the Russian military special operation to demilitarize and denazification of Ukraine, the West stepped up sanctions pressure on Moscow. Restrictive measures are directed primarily against the banking sector and the supply of high-tech products. In early March, the European Union decided to disconnect seven Russian banks from the SWIFT system: VTB, Rossiya and Otkritie banks, Novikombank, Promsvyazbank, Sovcombank, and the VEB.RF state corporation. ;
The number of foreign users of the Russian analogue of SWIFT has doubled in a year
