Full list of countries that (1) are de-dollarizing in 2023 and have continued their process of de-dollarization in 2024 and (2) those that have begun the process of de-dollaarization in 2024?
The process of de-dollarization has been gaining momentum, with several countries looking to reduce their reliance on the US dollar in international trade and finance. Here’s a summary based on the latest information:
Continued De-Dollarization (2023 - 2024):
- India, China, Brazil, Malaysia, and Bolivia are among the countries that have been working on setting up trade channels using currencies other than the US dollar1.
- China and Russia have expressed their intent to abandon the US dollar in their bilateral transactions2.
- Brazil finalized an agreement with China to conduct trade using their respective currencies2.
New De-Dollarization Initiatives (2024):
- The BRICS nations (Brazil, Russia, India, China, and South Africa) have been developing a new currency that could potentially rival the US dollar as the global reserve standard3.
It’s important to note that these efforts are part of a broader trend where countries are seeking to promote regional integration and bilateral relations to protect against geopolitical risks4. The movement towards de-dollarization is a complex and evolving issue, with implications for the global financial system. For the most current and detailed information, it’s recommended to consult financial news sources and official government releases.
