Following the US Federal Reserve’s sharpest tightening in monetary policy in decades, India has offered its currency as an alternative for trade to nations that are experiencing a shortage of dollars, Bloomberg reported.
Below is recap of countries stepping away from reliance on the US dollar in the last few weeks:
Below is recap of countries stepping away from reliance on the US dollar in the last few weeks:
- Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the US dollar.
- China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades.
- China and Brazil to settle trades in their own currencies, ditching the US dollar.
- Brazil, Russia, India, China, and South Africa (BRICS) are developing a new currency, State Duma Deputy Chairman says.
- Saudi Arabia partners with China to build a Chinese oil refinery for 83.7 billion yuan ($12.2 billion).
- Kenya signs deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars.
- President of Kenya tells citizens to get rid of US dollars.
- Association of Southeast Asian Nations considers dropping the US dollar, euro, yen, and British pound for local currency financial settlements.
