Global Shift: Why 11 Countries Are Moving Away from the U.S. Dollar

PHOTO BY PIXABAY ON PEXELS

Countries are rethinking their reliance on the U.S. dollar for trade and reserves. Eleven nations are shifting to other currencies to protect their economies from dollar volatility and U.S. sanctions.

This move hints at a changing world economy where the dollar’s dominance faces growing challenges. Understanding why this shift is happening helps explain global financial trends.

BRICS+ Pushes De-Dollarization Agenda

BRICS+ nations are gradually reducing their reliance on the U.S. dollar in trade by promoting local currency use. The goal is to limit exposure to dollar-based sanctions and external monetary policy shifts.

Initiatives include currency swap agreements, alternative payment systems to SWIFT, and local currency loans through the New Development Bank. In the following post, it’s noted that 11 countries have officially committed to dropping the dollar, citing U.S. sanctions and fiscal instability as key drivers:

This marks a long-term strategy to shift global finance toward multipolar currency use.

Local Currencies Gain Ground In Trade Deals

More countries are turning to local currencies for trade deals to reduce dependence on the U.S. dollar and avoid the impact of sanctions. This move supports greater monetary sovereignty and regional cooperation.

Russia and China have led the shift by settling oil and gas trades in rubles and yuan. In a February 2024 tweet, it was confirmed that both nations had fully stopped using the U.S. dollar in commercial transactions:

Local currency trade cuts costs, limits volatility, and opens new financial partnerships beyond the dollar system.

Gold, Digital Assets, And Alternatives Rise

Nations are increasing their gold reserves to hedge against economic instability and reduce dollar dependence. Gold’s stability and long-term value make it a reliable financial anchor during global uncertainty.

Many central banks use gold to support their currency and provide a buffer during financial stress. The video below explains how gold serves as a store of value and underpins national credibility:

This strategy reflects a broader move toward financial security in a shifting global system.