21 countries ditch the dollar in 2023

The US dollar's global position as the main reserve currency is being challenged by emerging economies, posing a potential threat to its dominance.

Unions in Asia, Africa and South America are actively seeking to reduce their dependence on the US dollar, with groups such as BRICS and ASEAN leading the way.

Emerging economies are concerned about the potential economic impact of US sanctions and are therefore motivated to support their local currencies and economies. In 2023, the de-dollarization movement gathers momentum, with nearly twenty countries expressing a desire to abandon the US dollar.

In 2023, two different unions formally commit to abandoning the US dollar in international trade. In March, the ASEAN bloc took over the initiative, deciding not to use the US dollar for cross-border transactions.

The leaders of ten Southeast Asian countries jointly announced their intention to stop using the US dollar and instead promote their respective local currencies.

Moreover, at its summit in August this year the BRICS union decide to discontinue the use of the US dollar for payment in international trade.

Within this ten-nation alliance, BRICS will conduct trade using local currencies and is also exploring the possibility of creating a common currency among member states.

In summary, a total of twenty-one countries have officially agreed to abandon the US dollar in global trade in 2023.

The ASEAN bloc consists of Brunei, the Philippines, Singapore, Thailand, Indonesia, Cambodia, Laos, Malaysia, Myanmar and Vietnam. In addition, the BRICS alliance includes Brazil, Russia, India, China, South Africa, Egypt, Iran, Argentina, Saudi Arabia, UAE and Ethiopia.