Asian Monetary Fund Final Nail in Coffin of Dollar Dominance
TEHRAN (Tasnim) – Asian countries have raised a proposal to set up an “Asian Monetary Fund” to cut dependency on the US dollar and other important Western currencies in order to carry out their financial transactions using their national currencies and/or common Asian currencies.
Prime Minister of Malaysia Anwar Ibrahim proposed setting up the Asian Monetary Fund during his recent trip to China.
With the strengthening of the economy of Asian countries such as China and Japan, there is no reason for these countries to depend on the US dollar anymore, he said.
According to the media, the Indian Ministry of Foreign Affairs has also announced that the trade between India and Malaysia could be carried out using rupees, which is a step towards de-dollarization.
With the increase in members of the Shanghai Cooperation Organization (SCO) and given the policies of BRICS countries including Brazil, Russia, India, China and South Africa to achieve a solution for sidelining the US dollar from trade and economic cooperation, the trend of de-dollarization and debacle of the US dollar’s hegemony has accelerated in the world.
In the meantime, China, as the largest economic power in the world, can play an effective role in efforts for ditching the US dollar in the international arena.
The Asian Monetary Fund is similar to the Asian Infrastructure Investment Bank (AIIB) that broke the West’s control of the world financial order and was highly welcomed by many countries of the world.