Countries Decrease Dollar Reserves, Increase Gold Holdings: Russian Official

A Russian official thinks that the US dollar is “toxic” and a small group of countries are hoarding gold instead. Deputy Minister of Foreign Affairs Alexander Pankin says that using the dollar too much could cause more financial problems. He also says that Russia wants to decrease the dollar’s role in world trade. Russian foreign minister Sergey Lavrov agrees and says that many countries are trying to move away from the dollar. The BRICS nations – Brazil, Russia, India, China, and South Africa – are also collecting lots of gold instead of dollars. Janet Yellen, the U.S. Treasury Secretary, recently said that Russia, China, and Iran are working together to use the dollar less in oil transactions.

Clever Robot News Desk 28^th April 2023