Tag Archives: Dollar

Russia may stop using US dollar for mutual payments – senator

Senator Igor Morozov says Russia must lead a dollar-dumping trend in response to the latest sanctions threat, as the move would bring disaster to the debt-ridden US economy and would be a good reply to Washington’s policies. Russian Senator Igor Morozov has urged his country and its allies to stop using the US dollar for mutual payments, adding that the ...

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Russia’s move to ditch dollar in favor of gold minimizes risk of US political blackmail – analyst

Bank of Russia data shows the country’s gold holdings are approaching 2,000 tons, nearly quadrupling over the recent decade and rising to 17 percent of the nation’s total foreign reserves. By opting to purchase precious metals and liquidating holdings of US Treasury securities, Russia has been playing it smart, precious metals market analyst Dimitri Speck said, commenting on the latest ...

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Iranian rial falls to record low against the US dollar & central bank blames ‘nation’s enemies’

The unofficial rate of the Iranian rial plummeted to a record low of 112,000 rials against the dollar on concerns over the imminent return of full US sanctions. The rial has lost more than a half of its value against the dollar in just four months, having fallen to the 50,000-mark for the first time in March. Iranians have been ...

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Russia’s gold reserves approaching Stalin-era record, cutting dependence on US dollar

With 2,000 tons of gold in reserves, Russia’s bullion holdings are approaching the Soviet peak seen in 1941. Moscow is striving for financial independence and escape from US dollar hegemony, analysts told RT. Read more “Some countries in the world want to depend as little as possible on US policy, they dump the dollar in trade and American assets as ...

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Iran plans launch of national cryptocurrency to ditch dollar in oil trade

Tehran is seeking ways to bypass looming US sanctions by launching a cryptocurrency that would help the Islamic Republic trade oil without using the dollar. “We are trying to prepare the ground to use a domestic digital currency in the country,” Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs, told Iranian news agency ...

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US making mistake using dollar as political weapon – Putin

Washington’s use of payment systems for political purposes undermines the US dollar as a global currency, said Russian President Vladimir Putin at the BRICS Summit in South Africa. According to Putin, Russia has no intention of getting rid of the US dollar, as the currency is widely used in international trade and business. “We will continue to use the US ...

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Dollar detox: Russia's gold reserves near 2000 tons to set historic benchmark

Russia’s gold holdings are approaching the Soviet era record after the central bank added another 106 tons of bullion in the first half of the year. It’s part of a plan to diversify national reserves away from the US dollar. The entire gold reserve of the Russian Federation is nearing 2,000 tons with the share of the precious metal in ...

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Russia set to wean economy off US dollar as Washington ratchets up sanctions

The Russian finance ministry is working on a broad set of measures to protect the country’s economy amid growing pressure from the United States, Kommersant daily reports. The main part of the reforms is a plan to reduce the use of the US dollar in foreign trade transactions in favor of national currencies, according to the news outlet. Russia has ...

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The great dollar dump: Russia liquidates US Treasury holdings

Russia is continuing to diversify state reserves away from US debt. The latest data from the US Treasury shows that Russia’s share hit an 11-year minimum and totaled only $ 14.9 billion. The share of US sovereign debt bonds in Russia’s portfolio has been reduced dramatically in recent months. Russia held $ 96.1 billion in US Treasuries in March before ...

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Russia speeds up dumping the dollar from economy

One of Russia’s largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback. “There is one interesting thing I wanted to highlight. Since the beginning of this year, people seem to be less interested in making dollar deposits or taking out dollar loans, compared to ...

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