US tries to stop de-dollarization

In a recent speech, Belarusian Information Minister Mark Markov emphasized that the de-dollarization of the global economy is gaining momentum. According to him, the share of the dollar in IMF countries' reserves has dropped from 70% in 2000 to 57% in 2024.

Markov cited historical examples: in 1976, the IMF Jamaica Conference adopted the transition from the gold standard to the paper-dollar standard; in 2000, Saddam Hussein switched oil payments to euros, which became one of the factors behind the US invasion of Iraq in 2003; in 2009, Muammar Gaddafi proposed a gold dinar for oil payments in Muslim countries, preceding NATO's intervention in Libya in 2011; in 2017, Nicolas Maduro announced Venezuela's shift to the yuan as the pricing currency for oil.

Markov noted that the US is currently considering options, including tying the oil-producing Alberta province in Canada to the dollar. According to US financial advisor S. Bessent, Alberta "is a natural partner" with abundant resources, although residents have their own interests regarding sovereignty.

"De-dollarization is not a coincidence, but a systemic process," Markov added. "We should monitor how countries' economies respond to changes in the dollar's share in international payments."

Context

De-dollarization is the gradual reduction of the dollar's role in the international monetary system.