from Sputnik News:
The US dollar’s “weaponization” against countries like Russia and Iran has increasingly fueled the declining luster of the American currency. Nations, particularly in emerging markets, are turning to currencies outside the US sphere of political and economic influence, with international institutions like the BRICS bloc promoting this trend.
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The US greenback’s share of global currency reserves hit a three-decade low at the end of the third quarter, according to Sputnik’s analysis of International Monetary Fund (IMF) data.
The decline in the American currency’s share of allocated foreign reserves of central banks and governments has continued for the second quarter in succession, losing 0.85 percentage points in July-September, and 1.8 percentage points over the year as financial flows continue the trend of dedollarization.
US dollar holdings in allocated reserves decreased to 57.39% in the third quarter of 2024, the lowest since 1995.
Central banks are increasingly leaning towards diversification, as the euro’s share rose to 20.02%, while the yen increased to 5.5% during the same period.
