‘Dollar becoming toxic’, more nations searching for alternatives – Russia’s foreign intel chief

The US dollar is an anachronism of the modern world economy, according to the director of the Russian Foreign Intelligence Service, Sergey Naryshkin.

Talking at an international meeting of security representatives, he said: “It seems abnormal that the United States, behaving so aggressively and unpredictably, continues to be the holder of the main reserve currency.”

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© Getty Images

Naryshkin added: “Due to the objective strengthening of multipolarity, the monopoly position of the dollar in international economic relations becomes anachronistic. Gradually, the dollar is becoming toxic.”

The head of the Russian intelligence service said that the use of the dollar presents risks and more nations are looking into finding alternative tools for doing business.

Countries across the globe, including Russia, China, India, and others, have been working to diversify their foreign reserves away from the greenback.

Russia has taken concrete steps towards de-dollarizing the economy. So far, Moscow has managed to partially phase out the dollar from its exports, signing currency-swap agreements with a number of countries, including China, India, and Iran. Russia has recently proposed using the euro instead of the US dollar in trade with the European Union.

Original: https://www.rt.com/business/462194-dollar-becoming-toxic-russia/

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