“Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China,” Egyptian Supply Minister Ali Moselhy was quoted as saying by Reuters

Lol, not quite what the headline sensationally implies

[–] gary_host_laptop@lemmy.ml -1 points 2 years ago (26 children)

The title is sensationalist but it is indeed a reality that we will see unfold in the next couple months/years. I honestly can't wait for my country to finally be free from the dollar.

[–] bernieecclestoned@sh.itjust.works -1 points 2 years ago (25 children)

You won't be free from the dollar, 90% of foreign exchange is in dollars, most global commodities are priced in dollars

The dollar and the euro make up for nearly 80% of all global payments.

https://www.statista.com/statistics/1189498/share-of-global-payments-by-currency/

[–] Rumblestiltskin@lemmy.ca 1 points 2 years ago

The page you posted is just using the SWIFT network. People who don't trade in USD generally don't use SWIFT. USD is still the dominant currency but I have seen numbers somewhere around 50% not 80%.

load more comments (24 replies)