India and Malaysia have agreed to settle trade in the Indian rupees as they prepare to de-dollarize. The Ministry of External Affairs announced the move on April 1, 2023.
Both nations will begin to de-dollarize to safeguard India’s trade with Russia. This is more fallout from the West’s sanctions and the weaponization of the Western banking system.
The imposition of US trade restrictions and sanctions against several nations, including Russia, Iran, Cuba, North Korea, Iraq, and Syria, has been politically ineffectual. They backfired against western economies. As a result, the US dollar has been losing its role as a major currency for settling international business claims, reports Strategic-Culture.
The Hindu Reports:
The Union Bank of India in a statement, said that it has become the first bank in India to operationalise this option by opening a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia.
“Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees, “ the Ministry of External Affairs announced.
Thank the globalists and the Biden administration for this:
Trading in the U.S. dollar has faced growing difficulties, especially after the Russian economy was sanctioned by the western powers following President Vladimir Putin’s launch of a so-called “special military operation” against Ukraine on February 24, 2022. As a fallout of the sanctions and war, making payments to Russia in U.S. dollars became increasingly difficult which in turn triggered a search for solutions in national currencies and de-dollarisation worldwide.
According to Visual Capitalist, de-dollarization is becoming thematic.
- Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America.
- Multiple former Southeast Asian officials spoke about de-dollarization efforts underway.
- The UAE and India are discussing using rupees to trade non-oil commodities. It is a shift away from the dollar, according to Reuters.
- Saudi Arabia said the oil-rich nation is open to trading in currencies other than the U.S. dollar.
However, Visual Capitalist reports central banks still hold about 60% of their foreign exchange reserves in dollars.
De-Dollarize and CBDC
That will hold us for a while unless Joe Biden can do more harm than he already has. CBDC has the potential, and the Central banks are all trying it out. Other nations realize we can weaponize the dollar against them any time we want. They want no part of it.
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Losing the dollar as the world’s reserve currency for international trade opens the West up to CBDC. The CBDC monetary system will mean a tremendous loss of freedom for Americans and the entire West. It also means the Feds can’t print money any longer. We will have a hard time paying off $32 trillion in debt. When nations choose a different reserve currency, the dollar’s value will be weighed against it. Right now, it looks like the yuan could be it.
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