At various points in the past when US government debt threatened to explode, there would be talk of de-dollarisation and efforts to find a substitute – all to no avail. However, the dollar's share of global reserves has been volatile, falling from nearly 80% in 1970 to below 58% in 1980 and further to an all-time low of 47% in 1990. It rose to 71% in 1999 before falling again, to about 58-59% in 2020.
With the birth of the euro in 1999, there was a period when it was thought that, perhaps, this could provide a reasonable avenue of diversification for central banks, both from an economic and geopolitical perspective. However, it is clear that the euro is but a shadow of what was expected.
Nonetheless, the effort to find an alternative to dollar hegemony continues, accelerating after the G7, under US direction, sanctioned Russia after it invaded Ukraine, by cutting it off from SWIFT, the global settlement system.
This story is from the December 12, 2024 edition of Hindustan Times Patna.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 12, 2024 edition of Hindustan Times Patna.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Engaged at last
Tom Holland pops the question and Zendaya says 'yes'!
We Need to Talk About Young Girls' Food Depression
Actor Rakul Preet Singh expresses concern over how a number of young girls are becoming anorexic and bulimic to meet tough beauty standards
ICC's Two-Tier Test Cricket Talks Gain Prominence
The suggestion to break Test cricket into two tiers - Division 1 and 2 - has done the rounds for over a decade, but Australian newspaper The Age reports that the matter is slated to be discussed between International Cricket Council (ICC) chairman Jay Shah and executives from Cricket Australia (CA) and England and Wales Cricket Board (ECB) this month.
Tough Questions for India After Two Debacles in a Row
A second series loss raises more questions than answers as head coach's performance comes under the lens
Gambhir, Sharma face BCCI scrutiny
India have lost six of their last eight Tests; they were saved by the weather in Brisbane while the Perth Test win was the only bright spot.
Here's all you need to know about taking a gold loan
If you face a temporary cash crunch and are in an urgent need of funds, you can use the gold sitting in your locker to tide over your cash flow issues.
Nippon says there's no plan B to blocked US Steel deal
NIPPON'S PLANNED PURCHASE OF ITS US RIVAL WAS BLOCKED LAST WEEK BY THE US PRESIDENT BIDEN
Govt Forecasts FY25 GDP Growth at 6.4%
India's economy is expected to grow 6.4% in the current fiscal year ending March, the National Statistics Office said on Tuesday, below the initial government projection of 6.5-7%.
Car sales unexpectedly drop by 2% in December, says Fada
Indian car dealers clocked a surprise 2% drop in sales in December, with high year-end discounts boosting demand only for a handful of showroom owners, a dealers' body said on Tuesday.
Duty Cut on Smartphone Parts to Hit Electronics Ecosystem, Jobs
Any reduction in the customs duty on smartphone parts in the forthcoming budget will harm India's developing component ecosystem, discourage investment, increase imports, and make local firms uncompetitive, potentially resulting in job losses, think tank GTRI said on Tuesday.
