Belarus Expands Local Currency Usage In A Major De-Dollarization Shift
In a major de-dollarization scenario, Belarus has now joined the growing spree of nations moving away from the US dollar. The nation has openly stated how it has decreased its dependence on the dollar, while its economy continues to bank on the Belarusian ruble for future transactions and trade. Also Read: Belarus Wants Banks To Use Cryptocurrency To Escape Sanctions Belarus’s New Currency Shift Source: Bloomberg Belarus is experiencing a surge in de-dollarization activities, as confirmed by its president, Aleksandr Lukashenko. Lukashenko, in a meeting with the management of Belarus’ National Bank and heads of commercial banks on 9 September, shared that the US dollar share in Belarus has plunged gradually, with the country favoring its own currency, the Belarusian ruble, to conduct the majority of its transactions. “The de-dollarization of the economy is proceeding at an accelerated pace. The share of the ruble component in the broad money supply has increased from 41% in Decembe...