Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Thursday said the US Dollar is the biggest loser in the war between Russia and Ukraine.
Confidence in the dollar is at the lowest ebb and many important central banks are reducing their dollar reserves in favour of other currencies mainly the Chinese Yuan, he said.
Shahid Rasheed Butt said that the world is marching towards a new economic order which is a serious threat to the US global leadership.
He said that many countries are concerned and worried about the continued use of the dollar as a weapon. The United States, Europe, Canada, the United Kingdom and Japan have frozen Russia’s foreign exchange reserves which have frightened other countries as well.
It includes nations that do not agree with the US on everything. All such countries, including Russia, and their investors are shifting their capital from the West to the Arab world, while some investors are shifting money to their own countries. The withdrawal of money from Western banks is gaining momentum which is resulting in a fresh crisis for these institutions, he informed.
According to a report, almost one hundred countries are planning to jump from the sinking ship of the dollar, which is very alarming as it may be the beginning of the death of the US dollar as a global reserve currency.
At present, any country that wants to import or export anything needs dollars giving US power to destroy their economy. Many countries want to immune their economies from this threat for which alternative systems are being adopted that are working.
