https://en.sputniknews.africa/20231214/linking-to-foreign-currency-limits-ability-to-act-on-ones-own-discretion-top-manager-argues-1064116278.html
Linking to Foreign Currency Limits Ability to Act on One's Own Discretion, Top Manager Argues
Linking to Foreign Currency Limits Ability to Act on One's Own Discretion, Top Manager Argues
Sputnik Africa
On Thursday, speaking at the annual "Results of the Year with Vladimir Putin" Q&A session, the Russian President Vladimir Putin stressed that linking the... 14.12.2023, Sputnik Africa
2023-12-14T13:37+0100
2023-12-14T13:37+0100
2023-12-14T13:43+0100
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Linking to foreign currency prevents one from acting on own discretion, Paul Goncharoff, the Principal of the consulting company Goncharoff, said.The top manager has also underlined that "reserve currencies" like the US dollar and Euro "were one viewed and used avidly and positively, however after having shown their propensity to be politically weaponized through sanctions, blocking accounts, allowing or disallowing free trade, seizing assets and freezing or even dispensing of others funds on account, the picture has changed tragically."On October 5, speaking about the BRICS's efforts to reduce US dollar dominance, Russian President Vladimir Putin said that the bloc needs to "establish a system of settlements, create financial logistics in order to ensure settlement between our states in national currencies."
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vladimir putin, us dollar, russia, brics, de-dollarization, currency, international
Linking to Foreign Currency Limits Ability to Act on One's Own Discretion, Top Manager Argues
13:37 14.12.2023 (Updated: 13:43 14.12.2023) On Thursday, speaking at the annual "Results of the Year with Vladimir Putin" Q&A session, the Russian President Vladimir Putin stressed that linking the national currency to the US dollar is fraught with severe socio-economic problems.
Linking to foreign currency prevents one from acting on
own discretion, Paul Goncharoff, the Principal of the consulting company Goncharoff, said.
"The trend toward de-dollarization has been steady and growing noticeably apparent over the past three to four years, and not just by Russia for obvious reasons. If one just looks at BRICS+ and those nations comprising and aspiring to join it which now are over 20, one of the main desires voiced by all is to be able to freely conduct trade and movement of capital in their own national currencies. This is an empowering step for any country, and one that is in keeping with their national interests, independence, and ability to serve the needs of their sovereign peoples," he noted.
The top manager has also underlined that "reserve currencies" like the US dollar and Euro "were one viewed and used avidly and positively, however after having shown their propensity to be politically weaponized through sanctions, blocking accounts, allowing or disallowing free trade, seizing assets and freezing or even dispensing of others funds on account, the picture has changed tragically."
On October 5, speaking about the BRICS's efforts to reduce US dollar dominance, Russian President Vladimir
Putin said that the bloc needs to "establish a system of settlements, create financial logistics in order to ensure settlement between our states in national currencies."
