American Greenback Being ‘Gradually Abandoned’: IMF Chief Says
TEHRAN (Tasnim) – The managing director of the International Monetary Fund (IMF) has said the US dollar is gradually losing its status as the world’s main reserve currency.
Speaking on Monday, Kristalina Georgieva said that there is no viable alternative among global currencies to replace the greenback in the near future.
“(However) there has been a gradual shift away from the dollar, it was 70% of reserves, now it is slightly under 60%,” Georgieva stated at the 2023 Milken Institute Global Conference in Beverly Hills, California, RT reported.
According to the IMF chief, the euro can be viewed as the biggest competitor to the dollar, while the British pound, the Japanese yen and the Chinese yuan “play a very modest role.”
She stressed that the leading factor for trust in the currency of this or that country is the strength of its economy and the depth of its capital markets.