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Adviser to Iranian Leader Calls Russia, China Dumping US Dollar 'Good Progress'

© Sputnik / Maxim BlinovDollar banknote
Dollar banknote - Sputnik International, 1920, 12.10.2022
TEHRAN (Sputnik) - Russia and China's dumping of bilateral payments in US dollars represent "very good progress" in challenging Washington's hegemony of the International Monetary Fund, Ali Akbar Velayati, the adviser to Iran's Supreme Leader in international affairs, told Sputnik.
"China and Russia, being the two main members of the BRICS, which also includes India, South Africa and Brazil, are carrying out many transactions with each other without the use of foreign currency [US dollar]. The fact that they are not tied to the dollar, which depends on the will of the United States, is very good progress," Velayati said.
The US dollar has recently been on the path of moving away from being a single reserve currency. In June, Russian President Vladimir Putin told the BRICS Business Forum that the five major emerging economies should establish an international reserve system based on the basket of BRICS currencies. Although it may take years for the group to create the monetary system, the final result is likely to be an equilibrium between the competing Western dollar system and BRICS currency basket, Gary Korolev, CEO of the financial services firm Sovereign Wealth Management, told Sputnik.
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