Venezuelan President Advocates Shift from U.S. Dollar Dominance in Global Economy
Venezuelan President Nicolas Maduro has called for the establishment of an alternative economic system that moves away from the dominance of the U.S. dollar.
Speaking at the recent BRICS leader summit in Johannesburg, Maduro emphasized the necessity of de-dollarizing the global economy, citing the adverse impacts of U.S. sanctions on emerging countries. Maduro described these sanctions as an “economic war” waged using the U.S. dollar as a tool. He urged BRICS leaders to collaborate on creating a new financial system that enables transactions through innovative physical and digital means.
Maduro proposed the use of a currency basket among other tools to achieve this goal and also suggested the development of new financing sources to support the recovery and growth of emerging economies. Although the BRICS bloc did not accept Venezuela’s application to join, Maduro offered the country’s experience in countering sanctions as a resource to help dismantle the existing financial domination system.
Clever Robot News Desk 29th August 2023
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