END Of The Dollar: SCO Nations To Abandon USD, Shift To Domestic Currencies For Financial Transactions

 The United States dollar could suffer another huge blow that could send it down the drain as heads of the Shanghai Cooperation Organization member states have made a landslide decision to conduct the majority of transactions in national currencies instead of the American dollar, following Iranian President Ebrahim Raisi's proposal to ditch the dollar eventually.

"Based on the experience of the past decades, it is now obvious that militarism and the dominance of the dollar form the bases of the Western domination system," the president stressed.

When Raisi visited Indonesia back in May, he and his Indonesian counterpart Joko Widodo declared they would stop using the dollar in their bilateral trade at a televised presser in Jakarta.

U.S. Secretary of the Treasury Janet Yellen has recently admitted that the dollar's role as the world reserve currency could diminish due to Washington using its leverage over the global financial system to pursue its geopolitical goals through sanctions.

In yet another event on May 23-25, Iran was hard at work in the promotion of the collapse of the USD. When Tehran hosted the 51st Annual Summit of the Asian Clearing Union, members of the said payment arrangement between the central banks agreed to move away from USD. The meeting was attended by the Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of India, Central Bank of Iran, Maldives Monetary Authority, Central Bank of Myanmar, Nepal Rastra Bank, State Bank of Pakistan and Central Bank of Sri Lanka as well as representatives from Afghanistan and Belarus and the governor of the Russian central bank.

Iran's First Vice President Mohammad Mokhber emphasized that steering away from the American dollar is not a voluntary choice anymore.

"In fact, it is a response to the weaponization of the dollar. The weaponization of the dollar during the past few decades has forced nations to reduce their reliance on the currency," Mokhber said, pointing out that the U.S.'s influence around the world is seriously threatened by the dollar's decline. 

https://americafirstreport.com/end-of-the-dollar-sco-nations-to-abandon-usd-shift-to-domestic-currencies-for-financial-transactions/