Dedollarisation

Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result, the dollar's value began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock".{{cite web |title=Controlling Inflation: A Historical Perspective |url=http://www.dallasfed.org/research/swe/1993/swe9304b.pdf |url-status=dead |archive-url=https://web.archive.org/web/20101207041621/http://www.dallasfed.org/research/swe/1993/swe9304b.pdf |archive-date=December 7, 2010 |access-date=July 17, 2010 |df=mdy-all}}

The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), so inflation was regarded as relatively benign. Between 1965 and 1981, the U.S. dollar lost two thirds of its value.{{cite web |title=Measuring Worth – Purchasing Power of Money in the United States from 1774 to 2010 |url=https://www.measuringworth.com/calculators/ppowerus/ |access-date=April 22, 2010}}

In 2023, BNN Bloomberg reported that the reserve status of the dollar was declining more rapidly than commonly acknowledged, with numerous analysts overlooking the significant exchange rate fluctuations from the previous year. The global share of the greenback in reserves decreased in 2022 at a rate ten times faster than the average speed observed over the past twenty years, as several nations sought alternative options following the sanctions imposed due to Russia's invasion of Ukraine. Accounting for exchange rate adjustments, the dollar had experienced an approximate 11% decrease in market share since 2016, doubling that figure since 2008.{{Cite web |last=Burgess |first=Matthew |date=2023-04-18 |title=De-Dollarization Is Happening at a 'Stunning' Pace, Jen Says - BNN Bloomberg |url=https://www.bnnbloomberg.ca/de-dollarization-is-happening-at-a-stunning-pace-jen-says-1.1909109 |archive-url=https://web.archive.org/web/20230418151144/https://www.bnnbloomberg.ca/de-dollarization-is-happening-at-a-stunning-pace-jen-says-1.1909109 |archive-date=2023-04-18 |access-date= |website=BNN Bloomberg}}

In 2025, during the second presidency of Donald Trump, many countries began moving away from the US dollar as a foreign currency reserve. This coincides with the US beginning to pursue an isolationist foreign policy and an erratic economic policy.{{Cite web |author=Jamal Mecklai |date=Mar 31, 2025 |title=De-dollarisation was natural, but Trump will accelerate it |url=https://www.hindustantimes.com/opinion/dedollarisation-was-natural-but-trump-will-accelerate-it-101743429310332.html |website=hindustantimes.com}}{{Cite web |author=Stefania Spezzati |date=March 27, 2025 |title=De-dollarisation could speed up with US isolationist policies, analysts say |url=https://www.reuters.com/markets/currencies/de-dollarisation-could-speed-up-with-us-isolationist-policies-analysts-say-2025-03-27/ |website=Reuters}}{{Cite web |last=Ma |first=Jason |date=March 30, 2025 |title=The world is asking what an American promise is worth now. The answer could determine the dollar’s future |url=https://fortune.com/2025/03/30/dollar-future-global-status-dedollarization-nato-trump-tariffs-debt/ |website=Fortune}}

Starting from early 2023, Argentina plans to join Brazil in paying for Chinese imports using the yuan instead of U.S. dollars. The country's goal is to safeguard its diminishing reserves of U.S. dollars. Argentina has been facing a significant decline in agricultural exports due to a severe drought, resulting in reduced inflow of dollars.{{Cite web |title=Argentina will pay for Chinese imports in yuan instead of dollars to preserve its shrinking greenback reserves |url=https://www.msn.com/en-us/money/markets/argentina-will-pay-for-chinese-imports-in-yuan-instead-of-dollars-to-preserve-its-shrinking-greenback-reserves/ar-AA1apFwy |access-date=2023-05-19 |website=MSN |language=en-US}} In April 2023, Argentina intends to purchase approximately US$1 billion worth of Chinese imports using the yuan. Following that, the country aims to pay around $790 million worth of monthly imports in the Chinese yuan.{{Cite web |date=2023-04-27 |title=Argentina to pay Chinese imports in yuan as South America becomes battleground |url=https://www.scmp.com/economy/global-economy/article/3218577/argentina-settle-chinese-imports-yuan-china-marches-south-america-dethrone-us-dollar |access-date=2023-05-19 |website=South China Morning Post |language=en}}

After China and Argentina declared in April that their swap line had been opened, Argentina was able to utilise the equivalent of 1.04 billion yuan to pay for Chinese imports in May. The line was then increased to $18 billion over the following three years in June, during Massa's visit to China.{{cite news |last1=Alcoba |first1=Natalie |title=Argentina's yuan lifeline sign of brinksmanship between China, US |url=https://www.aljazeera.com/economy/2023/7/17/argentinas-yuan-lifeline-sign-of-brinksmanship-between-china-us |agency=Aljazeera |date=2023}}

In late March 2023, China and Brazil finalized an agreement to conduct trade using their respective currencies.{{Cite news |date=2023-03-30 |title=China, Brazil strike deal to ditch dollar for trade |language=en |work=The Straits Times |url=https://www.straitstimes.com/world/china-brazil-strike-deal-to-ditch-dollar-for-trade |access-date=2023-05-19 |issn=0585-3923}} In December 2023, Russia and China expressed 'their intent to abandon the US dollar in their bilateral transactions'.{{cite journal |last1=Saaida |first1=M |year=2024 |title=BRICS Plus: de-dollarization and global power shifts in new economic landscape |journal=BRICS Journal of Economics |volume=5 |issue=1 |pages=13–33 |doi=10.3897/brics-econ.5.e117828 |doi-access=free |editor1-last=Sheresheva |editor1-first=M |editor2-last=Lissovolik |editor2-first=YD }} For several years, Russia had already been using the Euro as a 'preferred settlement currency within BRICS'.{{cite journal |last1=Aggarwal |first1=P |year=2020 |title=On de-risking and de-dollarizing intra-BRICS trade via smart contracts |journal=BRICS Journal of Economics |volume=1 |issue=4 |pages=54–69 |doi=10.38050/2712-7508-2020-1-4-6|doi-access=free }} In a similar vein, ASEAN members gathered in Indonesia to discuss strategies for reducing their reliance on the dollar, euro, yen, and pound sterling in financial transactions, and instead promote the use of their domestic currencies. Additionally, India and Malaysia have also agreed to utilize the Indian rupee for their trade settlements, among other noteworthy developments.{{Cite web |title=De-dollarisation: Yet another hiccup or for real? |url=https://thefinancialexpress.com.bd/views/reviews/de-dollarisation-yet-another-hiccup-or-for-real |access-date=2025-01-27 |website=The Financial Express |language=en}}

In April 2023, Bolivian President Luis Arce revealed that the government is actively considering the adoption of China's yuan as an alternative to the U.S. dollar for conducting international trade.{{Cite web |title=Bolivian leader open to using yuan for trade, touting 'trend' |url=https://www.msn.com/en-us/money/markets/bolivian-leader-open-to-using-yuan-for-trade-touting-trend/ar-AA1b1IZx |access-date=2023-05-19 |website=MSN |language=en-US}}{{Cite web |title=Bolivia analyzes the use of the yuan for foreign trade |url=https://www.radiohc.cu/en/noticias/internacionales/322392-bolivia-analyzes-the-use-of-the-yuan-for-foreign-trade |access-date=2023-05-19 |website=www.radiohc.cu |language=en}} The decision stems from Bolivia's ongoing challenge of insufficient liquidity in domestic markets, with shortages of U.S. dollars escalating since early 2023, due to the declining net international reserves.{{Cite web |last=seguir |first=Página Siete Autor marcado para |title=El Presidente admite iliquidez de dólares y habla del yuan chino como alternativa |url=https://www.paginasiete.bo/nacional/el-presidente-admite-iliquidez-de-dolares-y-habla-del-yuan-chino-como-alternativa-NI7596078 |access-date=2023-05-19 |website=www.paginasiete.bo |language=es-ES |archive-date=2023-05-19 |archive-url=https://web.archive.org/web/20230519211412/https://www.paginasiete.bo/nacional/el-presidente-admite-iliquidez-de-dolares-y-habla-del-yuan-chino-como-alternativa-NI7596078 |url-status=dead }}

Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan, and in March 2018, China started buying oil in gold-backed yuan.{{cite web |title=China Prepares Death Blow To The Dollar |url=https://oilprice.com/Geopolitics/International/China-Prepares-Death-Blow-To-The-Dollar.html |accessdate=2019-10-26 |website=OilPrice.com}}

In March 2022, multiple reports claimed that Saudi Arabia was in talks with China about trading Saudi oil and gas to China in Chinese yuan instead of dollars.{{Cite web |title=Beijing-Riyadh cooperation advances de-dollarization process |url=http://infobrics.org/ |access-date=2022-11-26 |website=BRICS |language=en}}{{Cite news |last1=Said |first1=Summer |last2=Kalin |first2=Stephen |title=WSJ News Exclusive {{!}} Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales |url=https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541 |access-date=2022-11-26 |newspaper=Wall Street Journal |date=15 March 2022 |language=en-US}}

In December 2022 at the China - GCC Summit, President Xi Jinping called for oil trade payments to be settled at yuan.{{Cite news |last1=Dahan |first1=Maha El |last2=Yaakoubi |first2=Aziz El |date=2022-12-10 |title=China's Xi calls for oil trade in yuan at Gulf summit in Riyadh |language=en |work=Reuters |url=https://www.reuters.com/world/saudi-arabia-gathers-chinas-xi-with-arab-leaders-new-era-ties-2022-12-09/ |access-date=2022-12-11}}{{Cite web |title=China's attempt to challenge the USD's dominance as Xi Jinping calls for oil trade in yuan |url=https://www.wionews.com/middle-east/chinas-attempt-to-challenge-the-usds-dominance-as-xi-jinping-calls-for-oil-trade-in-yuan-541922 |access-date=2022-12-11 |website=WION}} Foreign Minister Wang Yi stated that Chinese-Arab relations experienced a "historic improvement."{{Cite web |title=China defends Ukraine war stance, aims to deepen ties with Russia |url=https://www.aljazeera.com/news/2022/12/25/china-defends-ukraine-stance-to-deepen-ties-with-russia |access-date=2022-12-25 |website=www.aljazeera.com |language=en}}

In May 2023, China switched to the yuan to buy some $88 billion worth of Russian oil, coal and metals.{{Cite web |date=2023-05-25 |title=The end of King Dollar? The forces at play in de-dollarisation |url=https://www.tbsnews.net/world/global-economy/end-king-dollar-forces-play-de-dollarisation-638014 |access-date=2025-01-27 |website=The Business Standard |language=en}}

Immediately at the start of the Russian invasion of Ukraine, mostly Western countries imposed heavy sanctions on Russian commodities and banking sector. As a response, on 31 March 2022 Russian president Vladimir Putin signed a decree mandating unfriendly countries from April 1 to pay the natural gas imports in rubles.{{Cite web |date=2022-03-23 |title=Putin wants 'unfriendly countries' to pay rubles for gas |url=https://apnews.com/article/russia-ukraine-putin-business-europe-moscow-4790d3d85ac2cf9a8d8b19d2717c0e03 |access-date=2023-05-19 |website=AP NEWS |language=en}}{{Cite news |last=Service |first=RFE/RL's Russian |title=Putin Signs Decree Creating Ruble Payment System For Russian Gas To Bolster Currency |language=en |work=RadioFreeEurope/RadioLiberty |url=https://www.rferl.org/a/russia-putin-signs-ruble-payment-gas/31779935.html |access-date=2023-05-19}} European leaders have initially rejected paying for deliveries in rubles, marking that such a move would undermine sanctions already imposed on Moscow. In April 2022, four European gas companies made trade payment settlements in rubles.{{Cite news |date=2022-04-27 |title=Four European Gas Buyers Made Ruble Payments to Russia |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-04-27/four-european-gas-buyers-made-ruble-payments-to-russia |access-date=2022-12-11}}{{Cite news |date=2022-04-27 |title=Four European gas buyers made rouble payments to Russia -Bloomberg News |language=en |work=Reuters |url=https://www.reuters.com/business/energy/four-european-gas-buyers-made-rouble-payments-russia-bloomberg-news-2022-04-27/ |access-date=2022-12-11}}

On 24 November 2022, Vice President Mahamudu Bawumia stated that they are working to buy Oil in Gold and he added "The barter of gold for oil represents a major structural change."{{Cite news |date=2022-11-24 |title=Ghana plans to buy oil with gold instead of U.S. dollars |language=en |work=Reuters |url=https://www.reuters.com/markets/commodities/ghana-working-plan-buy-oil-with-gold-rather-than-usd-vp-2022-11-24/ |access-date=2022-11-27}}{{Cite web |title=Ghana plans to buy oil with gold instead of dollars |url=https://www.aljazeera.com/economy/2022/11/24/ghana-plans-to-buy-oil-with-gold-instead-of-dollars |access-date=2022-11-27 |website=www.aljazeera.com |language=en}}

India is exploring ways to strengthen its economy by reducing its reliance on the US dollar. The country believes that decreasing demand for the dollar in international trade can help stabilize its national currency, the rupee (₹). India's leaders have taken note of the trend of de-dollarization among other countries and are now seeking to increase trade using their own currency. To achieve this goal, India plans to convert the rupee (₹) into a foreign currency and increase its share of global trade.{{Cite web |last=ایران |first=عصر |date= |title=هند هم در مسیر دلار زدایی افتاد |url=https://www.asriran.com/fa/news/897164/%D9%87%D9%86%D8%AF-%D9%87%D9%85-%D8%AF%D8%B1-%D9%85%D8%B3%DB%8C%D8%B1-%D8%AF%D9%84%D8%A7%D8%B1-%D8%B2%D8%AF%D8%A7%DB%8C%DB%8C-%D8%A7%D9%81%D8%AA%D8%A7%D8%AF |access-date=2025-01-27 |website=fa |language=fa}}

As a result of US sanctions, Iran has tried hard to reduce its reliance on the dollar. The country has been seeking alternative ways or methods to conduct international trade utilizing diverse currencies such as the Euro. The Islamic Republic of Iran is also striving to apply blockchain technology and digital currencies to bypass the international financial system and likewise to reduce the effect of sanctions.{{Cite web |last=کاظمیان |first=ریحان |date=2023-09-26 |title=دلارزدایی چیست؟ اگر دلار آمریکا سقوط کند چه اتفاقی می‌افتد؟ |url=https://arzdigital.com/blog/what-is-de-dollarization/ |access-date=2025-01-27 |website=ارزدیجیتال |language=fa}}

Due to the fluctuations in the dollar in recent years, countries like Malaysia are seeking an appropriate alternative to the dollar in global trade transactions to strengthen their economy. On the other hand, according to Malaysia, the de-dollarization and lower demand of the country in order to apply the dollar in commercial transactions will be able to provide the ground for the stabilization of the ringgit (its local currency). The prime minister of this country mentioned that with the economic power given to Asian countries among China/Japan, there isn't any reason for Malaysia to remain dependent on the dollar, and on the other hand, the central banks of these two countries (i.e. China and Malaysia) have begun their discussions in regard to the implementation of trade in each other's currencies.{{Cite web |date=2023-04-11 |title=گام‌های آسیایی‌ در مسیر دلارزدایی |url=https://www.irna.ir/news/85078795/%DA%AF%D8%A7%D9%85-%D9%87%D8%A7%DB%8C-%D8%A2%D8%B3%DB%8C%D8%A7%DB%8C%DB%8C-%D8%AF%D8%B1-%D9%85%D8%B3%DB%8C%D8%B1-%D8%AF%D9%84%D8%A7%D8%B1%D8%B2%D8%AF%D8%A7%DB%8C%DB%8C |access-date=2025-01-27 |website=ایرنا |language=fa}}

In August 2022, Turkey and Russia agreed to use rubles in trade of the natural gas.{{Cite news |date=2022-08-05 |title=Putin and Erdogan agree to boost cooperation, some rouble payments for gas |language=en |work=Reuters |url=https://www.reuters.com/business/energy/putin-erdogan-agreed-partial-payments-gas-roubles-interfax-2022-08-05/ |access-date=2022-08-10}}

In September 2022, Gazprom CEO Alexey Miller said that they have signed an agreement to make trade payments in rubles and yuan instead of US dollars.{{Cite news |date=2022-09-06 |title=Gazprom says it has signed deal for China to pay for Russian gas in national currencies |language=en |work=Reuters |url=https://www.reuters.com/article/russia-gas-gazprom-china-idUKS8N2ZG0E8 |access-date=2022-12-09}}

In November 2022, Russian Deputy Prime Minister Alexander Novak confirmed that all gas supplied to China via Siberia are settled in rubles and yuan.{{Cite news |date=2022-11-18 |title=Value of Russia-China energy trade up 64%, deputy PM says |language=en |work=Reuters |url=https://www.reuters.com/business/energy/value-russia-china-energy-trade-up-64-deputy-pm-says-2022-11-18/ |access-date=2022-11-27}}

On March 23, 2022, Putin signed an order forbidding "non-friendly" countries (including EU countries, United States and Norway) from buying Russian gas in any other currency besides the Russian ruble in the wake of sanctions given in aftermath of the country's invasion of Ukraine.{{Cite web |date=2022-03-30 |title=Explained: Putin's demand for trade in rubles, and how it could work |url=https://indianexpress.com/article/explained/vladimir-putin-ruble-natural-gas-imports-impact-explained-7843829/ |access-date=2022-11-27 |website=The Indian Express |language=en}} As of 2022, Russia is the world's biggest gas exporter, making 17% of world gas export.{{Citation |title=Russia |date=2023-05-09 |url=https://www.cia.gov/the-world-factbook/countries/russia/ |work=The World Factbook |access-date=2023-05-12 |publisher=Central Intelligence Agency |language=en}}{{Cite web |title=Natural Gas Production by Country - Worldometer |url=https://www.worldometers.info/gas/gas-production-by-country/ |access-date=2023-05-12 |website=www.worldometers.info |language=en}}

In January 2023, Finance Minister of Saudi Arabia Mohammed Al-Jadaan stated that it is open to trade in other currencies besides the US dollar, and this expression is considered to be the first time in 48 years.{{Cite news |date=2023-01-17 |title=Saudi Arabia Open to Talks on Trade in Currencies Besides Dollar |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-01-17/saudi-arabia-open-to-talks-on-trade-in-currencies-besides-dollar |access-date=2023-01-22}}{{Cite web |title=Saudi Arabia just said they are now 'open' to the idea of trading in currencies besides the US dollar — does this spell doom for the greenback? 3 reasons not to worry |url=https://finance.yahoo.com/news/saudi-arabia-just-said-now-213200817.html |access-date=2023-01-22 |website=finance.yahoo.com |language=en-US}} Saudi Arabia accounts for more than 17% of the world's crude oil exports, with the majority directed towards Asia, especially to BRICS countries like China and India. As BRICS advocates for reducing reliance on the US dollar, there is growing speculation that Saudi Arabia might start using non-dollar currencies for its oil trade, particularly with these two nations.{{Cite news |last=Yuan |first=Shaoyu |date=September 13, 2023 |title=De-dollarization Dreams: Why the US Dollar Won't Bow Out |url=https://thediplomat.com/2023/09/de-dollarization-dreams-why-the-us-dollar-wont-bow-out/ |work=The Diplomat}}

The Turkish president has introduced a fresh strategy to decrease dependence on the US dollar in global commerce. The aim is to establish trade without the use of the dollar with Turkey's international trading associates. The president has indicated a willingness to engage in trade with China using local currencies, indicating a shift away from the dollar. Additionally, talks have been held about the possibility of replacing the US dollar with another national currency in transactions with Iran. This choice is motivated by both political and economic factors, as Turkey strives to support its domestic currency by distancing itself from the US dollar.{{Cite web |date=2019-01-02 |title=پنج کشوری که دلار را کنار گذاشتند |url=https://www.rajanews.com/news/303085/%D9%BE%D9%86%D8%AC-%DA%A9%D8%B4%D9%88%D8%B1%DB%8C-%DA%A9%D9%87-%D8%AF%D9%84%D8%A7%D8%B1-%D8%B1%D8%A7-%DA%A9%D9%86%D8%A7%D8%B1-%DA%AF%D8%B0%D8%A7%D8%B4%D8%AA%D9%86%D8%AF |access-date=2025-01-27 |website=rajanews.com |language=fa}}

In August 2018, Venezuela declared that it would price its oil in euros, yuan, rubles, and other currencies.{{cite news |date=18 October 2018 |title=US dollars no longer a quote currency in Venezuela |publisher=Xinhua Net |url=http://www.xinhuanet.com/english/2018-10/18/c_137540829.htm |url-status=dead |accessdate=19 October 2018 |archive-url=https://web.archive.org/web/20181019121907/http://www.xinhuanet.com/english/2018-10/18/c_137540829.htm |archive-date=October 19, 2018}}{{cite news |title=Fintech is the new oil in the Middle East and North Africa |work=Forbes |url=https://www.forbes.com/sites/suparnadutt/2017/12/11/fintech-in-mena-at-tipping-point-as-regulators-and-governments-start-taking-it-seriously/#7d20616b2316 |accessdate=10 April 2019}}

According to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey the share of reserves held in U.S. dollars by central banks fell from 71 percent in 1999 to 59 percent in 2021.{{cite report |url=https://www.imf.org/-/media/Files/Publications/WP/2022/English/wpiea2022058-print-pdf.ashx |title=The Stealth Erosion of Dollar Dominance:Active Diversifiers and the Rise of Nontraditional Reserve Currencies |author1=Serkan Arslanalp |author2=Barry Eichengreen |author3=Chima Simpson-Belltitle |date=2022 |publisher=IMF}}

Effective from 6 June 2023, China has said to its state-owned banks to substantially reduce the interest rates on dollar deposits.{{Cite web |date=2023-06-06 |title=Dedollarisation: China launches attack on US Dollar, state-owned banks lower interest rates on dollar deposits to boost forex settlements in yuan |url=https://www.firstpost.com/world/dedollarisation-chinas-state-owned-banks-cut-interest-rates-on-dollar-deposits-to-boost-forex-trade-in-yuan-12700572.html |access-date=2023-06-10 |website=Firstpost |language=en}}

In May 2022, the Egyptian Minister of Finance Mohamed Maait announced the intention to issue bonds in yuan to raise capital as a mechanism to diversify the sources of finance.{{Cite web |last=للمعلومات |first=أسواق |date=2022-05-11 |title=مصر تستهدف إصدار سندات تمويلية باليوان الصيني {{!}} اقتصاد {{!}} أسواق للمعلومات |url=https://www.aswaqinformation.com/133295 |access-date=2022-11-25 |website=www.aswaqinformation.com |language=ar}}{{Cite web |date=2022-08-30 |title=Egypt Turns to the Chinese Currency With Yuan-Denominated Bonds {{!}} Egyptian Streets |url=https://egyptianstreets.com/2022/08/30/egypt-turns-to-the-chinese-currency-with-yuan-denominated-bonds/ |access-date=2022-11-25 |language=en-US}}{{Cite web |date=2022-08-29 |title=Egypt seeks to issue $500M in Chinese bonds, $1.5-$2B in sovereign sukuks |url=https://www.egypttoday.com/Article/3/118741/Egypt-seeks-to-issue-500M-in-Chinese-bonds-1-5 |access-date=2022-11-25 |website=EgyptToday}}

In September 2022, the Chairman of the State Administration Council Min Aung Hlaing stated that they are planning to reduce US dollar reliance and to include trade in other foreign currencies.{{Cite news |date=2022-09-20 |title=Myanmar to Lower Dollar Reliance in Favor of Ruble, Rupee, Yuan |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-09-20/myanmar-to-lower-dollar-reliance-in-favor-of-ruble-rupee-yuan |access-date=2022-12-08}} Apart from this there had been discussion to use Mir Payments system for payments.{{Cite news |date=2022-09-20 |title=Myanmar discussing with Russia use of Mir card for payments |language=en |work=Reuters |url=https://www.reuters.com/world/asia-pacific/myanmar-discussing-with-russia-use-mir-card-payments-2022-09-20/ |access-date=2022-12-08}}

In December 2015, the Kazakhstan government and national bank announced plans to reduce dollar dependency and strengthen the national currency. The joint statement of Kazakhstan government and national bank stated that their intent is to strengthen their national currency rather than focus on eliminating US dollars.{{Cite web |last=Times |first=Astana |date=2015-03-03 |title=Government Favours Bolstering Tenge over De-Dollarisation, Says National Bank Chief |url=https://astanatimes.com/2015/03/government-favours-bolstering-tenge-de-dollarisation-says-national-bank-chief/ |access-date=2022-12-11 |website=The Astana Times |language=en}} In August 2016, after inflation surged to a 6-year high, the Kazakhstan central bank governor stated that it is a necessity to kickstart dedollarisation.{{Cite web |title=kazakhstan holds rates after inflation surges to 6-year high |url=https://gulfnews.com/business/kazakhstan-holds-rates-after-inflation-surges-to-6-year-high-1.1690094 |access-date=2022-12-11 |website=gulfnews.com |date=14 March 2016 |language=en}}{{Cite news |date=2016-08-15 |title=Kazakhstan Hold Rates After Inflation Risks 'Strengthened' |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2016-08-15/kazakhstan-holds-rates-as-inflation-persists-at-eight-year-high |access-date=2022-12-11}}

In June 2021, Russia stated it will eliminate the dollar from its National Wealth Fund to reduce vulnerability to international sanctions just two weeks before Russia's president Vladimir Putin held his first summit meeting with U.S. leader Joe Biden.{{cite news |last1=Pismennaya |first1=Evgenia |last2=Andrianova |first2=Anna |title=Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions |work=www.bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-06-03/russia-cuts-dollar-from-119-billion-wealth-fund-amid-sanctions?sref=i4qXzk6d |access-date=5 June 2021}}

Russia had been planning to buy more yuan in the foreign exchange market in 2023 for trade settlements.{{Cite news |last=Fabrichnaya |first=Elena |date=2022-12-22 |title=Exclusive: Russia likely to buy yuan on FX market in 2023 - sources |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/russia-likely-buy-yuan-fx-market-2023-sources-2022-12-22/ |access-date=2022-12-25}} The Russian Finance Ministry and Central Bank of Russia stated that it would sell around 54.5 billion rubles in foreign currency from January 2023.{{Cite news |last1=Faulconbridge |first1=Guy |last2=Korsunskaya |first2=Darya |date=2023-01-11 |title=With a sale of Chinese yuan, Russia kicks off 2023 forex intervention |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/russia-resume-forex-interventions-with-sale-chinese-yuan-2023-01-11/ |access-date=2023-01-12}}

During the Cold War, and ending in 1991, the Soviet Union and India traded in a rupee-ruble exchange.{{Cite web |title=Amid Western Sanctions, India Explores Rupee-Ruble Mechanism for Trade with Russia |url=https://www.voanews.com/a/6493140.html |access-date=2022-08-13 |website=VOA |date=20 March 2022 |language=en}} Mutual trading between India and Russia is done mostly in rubles and rupees instead of dollars and euros.{{Cite news |date=2022-03-17 |title=India explores 'rupee-rouble' exchange scheme to beat Russia sanctions |work=Financial Times |url=https://www.ft.com/content/a5ee2d6b-693f-475d-80c6-0036c2657ef1 |access-date=2022-08-13}} In March 2022, India and Russia entered for a Rupee{{ndash}}Ruble Trade Arrangement,{{Cite web |last=Buddhavarapu |first=Ravi |date=2022-03-23 |title=An Indian rupee-ruble trade arrangement with Russia may be ready in a week |url=https://www.cnbc.com/2022/03/23/fieo-india-rupee-ruble-trade-mechanism-with-russia-may-be-ready-soon.html |access-date=2022-03-27 |website=CNBC |language=en}} In which India buys Russian oil in U.A.E. dirham and also in rubles.

The power minister of Pakistan announced that the country is considering using yuan to pay for its imports of Russian crude oil.{{Cite web |date=2023-06-04 |title=Backlash against weaponised dollar is growing across the world |url=https://www.tbsnews.net/bloomberg-special/backlash-against-weaponised-dollar-growing-across-world-643574 |access-date=2025-01-27 |website=The Business Standard |language=en}}

India and the UAE are in talks to apply rupees in order to trade non-oil commodities in a shift away from the dollar.{{Cite web|url=https://www.visualcapitalist.com/de-dollarization-countries-seeking-alternatives-to-the-u-s-dollar/|title=De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar|first=Bruno|last=Venditti|date=March 31, 2023|website=Visual Capitalist}}

It made agreements with Australia, Russia, Japan, Brazil, and Iran to trade in national currencies. It has been reported that in the first quarter of 2020 the share of the dollar in the bilateral trade between China and Russia fell below 50 percent for the first time.{{Cite web |last=Алферова |first=Екатерина |date=2020-07-29 |title=Доля доллара в торговле РФ и Китая впервые опустилась ниже 50% |url=https://iz.ru/1041303/2020-07-29/dolia-dollara-v-torgovle-rf-i-kitaia-vpervye-opustilas-nizhe-50 |access-date=2020-07-30 |website=Известия |language=ru}}{{Cite web |title=China and Russia ditch dollar in move toward 'financial alliance' |url=https://asia.nikkei.com/Politics/International-relations/China-and-Russia-ditch-dollar-in-move-toward-financial-alliance |access-date=2022-03-30 |website=Nikkei Asia |language=en-GB}} In 2011, Japan made an agreement with China to trade in national currencies.{{cite news |title=China, Japan to trade in own currencies |newspaper=Upi |url=https://www.upi.com/Business_News/2011/12/27/China-Japan-to-trade-in-own-currencies/45701324966582/?ur3=1 |accessdate=2019-10-26}} Sino-Japanese trade had a value of US$300 billion.{{cite web |title=OEC |url=https://oec.world/en/profile/country/jpn/ |accessdate=2019-10-26 |website=oec.world}}

In March 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan.{{cite web |date=26 March 2013 |title=So Long, Yankees! China And Brazil Ditch US Dollar In Trade Deal Before BRICS Summit |url=https://www.ibtimes.com/so-long-yankees-china-brazil-ditch-us-dollar-trade-deal-brics-summit-1153415 |accessdate=2019-10-26 |website=ibtimes.com}}

In 2013, Australia made an agreement with China to trade in national currencies.{{cite web |date=2013-05-24 |title=Direct Trade between Australian Dollars and Chinese Yuan Commenced |url=http://www.australianbusiness.com.au/international-trade/news/direct-trade-between-australian-dollars-and-chines |archive-url=https://web.archive.org/web/20130611233737/http://www.australianbusiness.com.au/international-trade/news/direct-trade-between-australian-dollars-and-chines |archive-date=2013-06-11 |accessdate=2019-10-26 |website=australianbusiness.com.au}}

In a significant development, it has been reported that a French company has conducted a transaction with China National Offshore Oil Corporation recently, exporting liquefied gas (LNG) and accepting payment in Chinese yuan. The mentioned transaction highlights the growing trend of de-dollarization, which is also making its way into the European Union.{{Cite web |title=France brings de-dollarization to Europe by trading in yuan |url=https://infobrics.org/post/38077 |access-date=2025-01-27 |website=BRICS |language=en}}

In 2015, China launched CIPS, a payment system which offers clearing and settlement services for its participants in cross-border Renminbi payments and trade as an alternative to SWIFT.{{Cite web |last=sina_mobile |date=2019-05-23 |title=865家银行加入人民币跨境支付系统 去年交易额26万亿 |url=https://finance.sina.cn/bank/yhgd/2019-05-23/detail-ihvhiews4022167.d.html |access-date=2020-08-02 |website=finance.sina.cn}}{{Cite web |last=Service |first=Canadian Security Intelligence |date=2018-05-15 |title=Beijing creates its own global financial architecture as a tool for strategic rivalry |url=https://www.canada.ca/en/security-intelligence-service/corporate/publications/china-and-the-age-of-strategic-rivalry/beijing-creates-its-own-global-financial-architecture-as-a-tool-for-strategic-rivalry.html |access-date=2022-03-30 |website=www.canada.ca}} Since the end of 2019, the EU countries established INSTEX, a European special-purpose vehicle (SPV) to facilitate non-USD and non-SWIFT{{cite news |date=31 January 2019 |title=European powers launch mechanism for trade with Iran |work=Reuters |url=https://www.reuters.com/article/us-iran-usa-sanctions-eu/european-powers-launch-mechanism-for-trade-with-iran-idUSKCN1PP0K3}}{{cite web |last=Girardi |first=Annalisa |date=April 9, 2019 |title=INSTEX, A New Channel To Bypass U.S. Sanctions And Trade With Iran |url=https://www.forbes.com/sites/annalisagirardi/2019/04/09/instex-a-new-channel-to-bypass-u-s-sanctions-and-trade-with-iran/#66f97d24270f |work=Forbes |df=dmy-all}} transactions with Iran to avoid breaking U.S. sanctions.{{cite web |last=Coppola |first=Frances |date=June 30, 2019 |title=Europe Circumvents U.S. Sanctions On Iran |url=https://www.forbes.com/sites/francescoppola/2019/06/30/europe-circumvents-u-s-sanctions-on-iran/#104375642c8d |work=Forbes |df=dmy-all}} On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX.{{Cite web |date=February 11, 2019 |title=Рябков: РФ будет добиваться участия в механизме внешнеторговых расчетов INSTEX с Ираном |trans-title=Ryabkov: Russia will seek participation in the mechanism of foreign trade settlements INSTEX with Iran |url=https://tass.ru/ekonomika/6100923 |access-date=2019-02-11 |website=TASS |language=RU |df=dmy-all}}

In March 2020, the first Iran-EU INSTEX transaction was concluded. It covered an import of medical equipment to combat the COVID-19 outbreak in Iran.{{cite web |date=31 March 2020 |title=INSTEX successfully concludes first transaction |url=https://www.gov.uk/government/news/instex-successfully-concludes-first-transaction |website=GOV.UK |publisher=Foreign & Commonwealth Office}}{{cite news |date=March 31, 2020 |title=European countries to send medical aid to Iran in first INSTEX transaction |publisher=AMN |url=https://www.almasdarnews.com/article/european-countries-to-send-medical-aid-to-iran-in-first-instex-transaction/ |access-date=March 31, 2020 |df=dmy-all |archive-date=April 30, 2020 |archive-url=https://web.archive.org/web/20200430230951/https://www.almasdarnews.com/article/european-countries-to-send-medical-aid-to-iran-in-first-instex-transaction/ |url-status=dead }} European countries said in March 2023 they had decided to end a scheme put in place in 2019 to allow trade with Iran and protect companies doing business with it from US sanctions, but it was only a single one transaction traded.{{Cite web|url=https://apnews.com/article/europe-iran-trade-system-nuclear-deal-e250566e291e5aa4a70515c5414ac510|title=Europe dissolves Iran trade system that never took off|date=March 9, 2023|website=AP NEWS}}

In July 2022, Russia and Iran made modifications in their Bilateral trade to reduce the dependency of US dollar. The new monetary system could mean the debts can be settled in their own countries and could reduce the demand for US dollars by 3 billion a year.{{Cite web |last=Dudley |first=Dominic |title=Russia And Iran Experiment With Stripping Dollars From Their Bilateral Trade |url=https://www.forbes.com/sites/dominicdudley/2022/07/29/russia-and-iran-experiment-with-stripping-dollars-from-their-bilateral-trade/ |access-date=2022-12-07 |website=Forbes |language=en}}{{Cite web |date=2022-07-30 |title=Iran, Russia take major step for de-dollarizing mutual trade |url=https://www.tehrantimes.com/news/475173/Iran-Russia-take-major-step-for-de-dollarizing-mutual-trade |access-date=2022-12-07 |website=Tehran Times |language=en}}{{Cite news |date=2012-01-20 |title=UPDATE 1-Iran-Russia trade in domestic currencies -Iran envoy |language=en |work=Reuters |url=https://www.reuters.com/article/russia-iran-currency-idUSL6E8CK0Y720120120 |access-date=2022-12-07}} In January 2023, Russia and Iran were planning to trade with gold backed cryptocurrencies as an alternative to US dollar.{{Cite web |last=Tayeb |first=Zahra |title=Russia and Iran are working on a gold-backed cryptocurrency to take on the dominant dollar, report says |url=https://www.businessinsider.co.za/dollar-dominance-russia-iran-gold-backed-stablecoin-crypto-2023-1 |access-date=2023-01-20 |website=Business Insider |language=en-US}}{{Cite web |last=Dudley |first=Dominic |title=Russia And Iran Eye Up Trade Using Cryptocurrencies To Avoid Dollars And Sanctions |url=https://www.forbes.com/sites/dominicdudley/2023/01/18/russia-and-iran-eye-up-trade-using-cryptocurrencies-to-avoid-dollars-and-sanctions/ |access-date=2023-01-20 |website=Forbes |language=en}}

A group of Southeast Asian countries in the region, such as Singapore, Malaysia, Indonesia, Cambodia, and Thailand, are currently contemplating the process of de-dollarization in order to diminish their dependence on the US dollar within their economies. These nations have voiced apprehensions regarding the volatility of the dollar's value and the American government's utilization of the dollar embargo mechanism. Consequently, they have developed a keen interest in mitigating their vulnerability to the dollar and exploring alternative currencies.{{Cite web |last=احمدی |first=فاطمه |date=2023-02-07 |title=کشورهای جنوب شرقی آسیا در مسیر دلارزدایی |url=https://fesadsetiz.ir/%DA%A9%D8%B4%D9%88%D8%B1%D9%87%D8%A7%DB%8C-%D8%AC%D9%86%D9%88%D8%A8-%D8%B4%D8%B1%D9%82%DB%8C-%D8%A2%D8%B3%DB%8C%D8%A7-%D8%AF%D8%B1-%D9%85%D8%B3%DB%8C%D8%B1-%D8%AF%D9%84%D8%A7%D8%B1%D8%B2%D8%AF%D8%A7/ |access-date=2025-01-27 |website=فساد ستیز |language=fa-IR}}

In December 2022, Sri Lanka and Mauritius started using the rupee for international trade. Tajikistan, Cuba, Luxembourg and Sudan have also shown interest to use this mechanism.{{Cite web |date=Dec 19, 2022 |title=Explained: How the Indian rupee is going global and drawing interest from more nations - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/explained-how-the-indian-rupee-is-going-global-and-drawing-interest-from-more-nations/articleshow/96332970.cms |access-date=2022-12-21 |website=The Times of India |language=en}}

Also, the same month, Argentina and Brazil proposed a common currency for trade which is termed as Sur. Sur combines the currency of Argentina's peso and Brazil's real.{{Cite news |last=Paraguassu |first=Lisandra |date=2023-01-23 |title=Brazil and Argentina to discuss common currency |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/brazil-argentina-begin-preparations-common-currency-ft-2023-01-22/ |access-date=2023-02-04}}{{Cite news |title=Argentina and Brazil propose a bizarre common currency |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2023/01/26/argentina-and-brazil-propose-a-bizarre-common-currency |access-date=2023-02-04 |issn=0013-0613}}{{Cite news |date=2023-01-22 |title=Brazil and Argentina to start preparations for a common currency |work=Financial Times |url=https://www.ft.com/content/5347d263-7f24-4966-8da4-79485d1287b4 |access-date=2023-02-04}} The same month, Brazil and China entered into a preliminary agreement to trade in national currencies instead of US dollar.{{Cite web |date=2023-03-30 |title=Drubbing the Dollar: China and Brazil ditch dollar, strike deal to settle trade in yuan, real |url=https://www.firstpost.com/world/drubbing-the-dollar-china-and-brazil-ditch-dollar-strike-deal-to-settle-trade-in-yuan-real-12377602.html/amp |access-date=2023-04-02 |website=Firstpost |language=en}}

In May 2023, South Korea and Indonesia signed a memorandum of understanding to promote bilateral trade in national currencies, moving away from the US dollar as an intermediary.{{cite web |title=South Korea, Indonesia sign pact to shift away from dollar |url=https://nigerianobservernews.com/2023/05/south-korea-indonesia-sign-pact-to-shift-away-from-dollar/ |website=The Nigerian Observer |access-date=4 May 2023 |archive-date=14 May 2023 |archive-url=https://web.archive.org/web/20230514112409/https://nigerianobservernews.com/2023/05/south-korea-indonesia-sign-pact-to-shift-away-from-dollar/ |url-status=dead }}{{Citation needed|date=September 2023}}

In early May 2023, the central banks of South Korea and Indonesia entered into a Memorandum of Understanding (MoU) aimed at fostering collaboration in advancing the utilization of their respective currencies for bilateral transactions. This includes promoting the use of their currencies for activities like current account transactions and direct investment between the two countries.{{Cite web |last=antaranews.com |title=BI, Bank of Korea cooperate to encourage local currency use |url=https://en.antaranews.com/news/280182/bi-bank-of-korea-cooperate-to-encourage-local-currency-use |access-date=2023-05-19 |website=Antara News}}

India and Bangladesh have a plan to open LCs for import and export, using the Indian rupee and Bangladeshi taka.{{Cite web |title=Southeast Bank signs MoU with Everbright Sweater |url=https://thefinancialexpress.com.bd/trade/southeast-bank-signs-mou-with-everbright-sweater |access-date=2025-01-27 |website=The Financial Express |language=en}}

As academic Tim Beal summarizes, many commentators view the United States' overly broad imposition of financial sanctions as a factor increasing dedollarisation because of responses like the Russian-developed System for Transfers of Financial Messages (SPFS), the China-supported Cross-Border Interbank Payment System (CIPS), and the European Instrument in Support of Trade Exchanges (INSTEX) that followed the United States' withdrawal of from the Joint Comprehensive Plan of Action (JCPOA) with Iran.{{Cite book |last1=Davis |first1=Stuart |title=Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy |date=2023 |publisher= Haymarket Books|isbn=978-1-64259-812-4 |location= |pages=40 |oclc=1345216431}}

Russian Federation accelerated the process of dedollarisation in 2014 as a result of worsening relations with the West.{{cite news |date=13 November 2019 |title=Russia to cut share of U.S. dollar in National Wealth Fund, mulls other currencies |language=en |work=Reuters |url=https://www.reuters.com/article/us-russia-nwf-forex/russia-to-cut-share-of-u-s-dollar-in-national-wealth-fund-mulls-other-currencies-idUSKBN1XN1JY}} In 2017, SPFS, a Russian replacement of the SWIFT financial transfer system, was developed by the Central Bank of Russia.{{cite news |last1=Aitov |first1=Timur |date=15 March 2018 |title=Натянутая струна. Возможно ли отключение России от SWIFT |work=Forbes.ru |url=http://www.forbes.ru/finansy-i-investicii/358573-natyanutaya-struna-vozmozhno-li-otklyuchenie-rossii-ot-swift |accessdate=4 October 2018}} The system had been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system.{{cite news |last1=Turak |first1=Natasha |date=23 May 2018 |title=Russia's central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions |work=CNBC |url=https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html |accessdate=4 October 2018}} Lukoil, a state-owned company, had announced that it will find a replacement for the dollar.{{cite news |author=Gleb Gorodyankin |date=19 September 2018 |title=Exclusive: Russian oil firm seeks dollar alternative amid U.S. sanctions threat - traders |website=Reuters |url=https://www.reuters.com/article/us-russia-surgut-sanctions-exclusive/exclusive-russian-oil-firm-seeks-dollar-alternative-amid-u-s-sanctions-threat-traders-idUSKCN1LZ2CD |accessdate=2019-10-26}}

On March 17, 2022, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, announced that the Central Bank of Russia and the People's Bank of China are working on connecting the Russian and Chinese financial messaging systems. He also pointed to the beginning of the development of information transfer schemes using blockchains, including the digital ruble and the digital yuan.{{Cite web |title=Россия и Китай смогут обмениваться платежами без SWIFT {{!}} Bigasia.ru |url=https://bigasia.ru/content/news/businness/rossiya-i-kitay-smogut-obmenivatsya-platezhami-bez-swift/ |access-date=2022-04-01 |website=bigasia.ru|date=16 March 2022 }} On March 31, 2022, The Economic Times published information that India has offered Russia a new transaction system with the transfer of trade to the ruble and SPFS, which will work through the Reserve Bank of India and Russia's Vnesheconombank. According to the same data, the system will be put into operation within a week.{{Cite web |title=СМИ: Россия и Индия обсуждают внедрение альтернативной системы транзакций |url=http://tass.ru/ekonomika/14237363 |access-date=2022-04-01 |website=tass.ru}}

On March 30, 2023, Deputy Chairman of the State Duma Alexander Babakov on the sidelines of the Russian Indian Business Forum in New Delhi stated that the BRICS countries can create a new currency that will be backed not by gold but by real resources, including land and rare earth metals.{{Cite web |title=Зампред ГД заявил, что единая валюта БРИКС может быть обеспечена реальными ресурсами |url=https://tass.ru/ekonomika/17410843 |access-date=2023-04-01 |website=TASS}}

After a year of the RTGS Dollar having been the only legal tender,{{Cite web |last=Sguazzin |first=Antony |title=Zim's dollar returns, a decade after it became worthless |url=https://www.news24.com/fin24/economy/africa/zims-dollar-returns-a-decade-after-it-became-worthless-20190624 |access-date=2022-12-07 |website=Business |language=en-US}} Zimbabwe adopted dollarization due to hyperinflation. In June 2019, it also reduced the usage of a multicurrency system and preferred to switch to the US dollar.{{Cite web |date=2020-07-05 |title=Zimbabwe heading back to US dollar transactions |url=https://www.theeastafrican.co.ke/tea/news/rest-of-africa/zimbabwe-heading-back-to-us-dollar-transactions-1443918 |access-date=2022-12-07 |website=The East African |language=en |archive-date=2022-12-07 |archive-url=https://web.archive.org/web/20221207051701/https://www.theeastafrican.co.ke/tea/news/rest-of-africa/zimbabwe-heading-back-to-us-dollar-transactions-1443918 |url-status=dead }}{{Cite web |last=Muronzi |first=Chris |title=Dollar o'clock: Should Zimbabwe axe its faltering currency again? |url=https://www.aljazeera.com/economy/2022/5/5/dollar-oclock-should-zimbabwe-axe-its-faltering-currency-again |access-date=2022-12-07 |website=www.aljazeera.com |language=en}} In an interview with former Finance Minister Tendai Biti, he pointed out that dedollarisation has failed dismally.{{Cite web |title=Biti Rubbishes De-dollarization – ZimEye |url=https://www.zimeye.net/2022/10/28/biti-rubbishes-de-dollarization/ |access-date=2022-12-07 |language=en-US}}{{Cite web |title=Biti Dissects New Law On The Use Of Foreign Currency In Zim [Full Thread] – Pindula News |url=https://news.pindula.co.zw/2022/06/30/biti-dissects-new-law-on-the-use-of-foreign-currency-in-zim-full-thread/ |access-date=2022-12-07 |language=en-US}}

In 2022, Zimbabwe introduced a new form of currency made by gold, the Mosi-oa-Tunya, to reduce inflation since the local currency had considerably weakened.{{Cite news |date=2022-07-05 |title=Zimbabwe to introduce gold coins as local currency tumbles |language=en |work=Reuters |url=https://www.reuters.com/business/zimbabwe-introduce-gold-coins-local-currency-tumbles-2022-07-05/ |access-date=2022-12-07}}{{Cite news |date=2022-07-06 |title=Zimbabwe to mint gold coins to tackle rising prices |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-62059711 |access-date=2022-12-07}} The governor of the Reserve Bank John Mangudya said that the gold coins will contain one troy ounce of 22-carat gold, and that trade could be carried out both locally and internationally.{{Cite web |date=2022-07-29 |title=Explained: Why Has Zimbabwe Introduced Gold Coins As Legal Tender |url=https://www.indiatimes.com/explainers/news/why-has-zimbabwe-introduced-gold-coins-as-legal-tender-576020.html |access-date=2022-12-07 |website=IndiaTimes |language=en-IN}}{{Cite web |title=Zimbabwe launches gold coins to stem inflation |url=https://www.aljazeera.com/news/2022/7/26/zimbabwe-launches-gold-coins-to-stem-inflation |access-date=2022-12-07 |website=www.aljazeera.com |language=en}}{{Cite web |last=Service |first=Tribune News |title=Zimbabwe debuts gold coins as legal tender to stem inflation |url=https://www.tribuneindia.com/news/world/zimbabwe-debuts-gold-coins-as-legal-tender-to-stem-inflation-415594 |access-date=2022-12-07 |website=Tribuneindia News Service |language=en}}

Chile has focused its efforts on introducing indexed instruments to attract investors' attention away from dollar-denominated assets. The majority of these instruments have been linked to the consumer price index (CPI) by establishing a unit of account known as the 'Unidad de Fomento' (UFs).{{Cite web|url=https://www.longfinance.net/news/pamphleteers/de-dollarisation-emerging-coalition-revisionist-countries-rogue-governments-techno-visionaries-and-sanction-busters-or-sensible-long-term-strategy/|title=De-dollarisation: An Emerging Coalition Of Revisionist Countries, Rogue Governments, Techno-Visionaries And Sanction Busters - Or A Sensible Long-Term Strategy?|website=www.longfinance.net}}

Evidence from economics researcher Jonathan Hartley published in June 2023 shows that the US dollar share of central bank reserves, global debt securities, and foreign exchange trading are unchanged since the 2022 Russian invasion of Ukraine and sanctions of Russian reserve assets. In the case of central bank reserves, the US dollar share of central bank reserves is 10% higher as of July 2023 than it was in the early 1990s.{{Cite web |date=2023-06-30 |title=De-Dollarization Is a Myth |url=https://www.nationalreview.com/2023/06/de-dollarization-is-a-myth/ |access-date=2023-07-20 |website=National Review |language=en-US}}{{Cite web |title=De-Dollarization Facts: Up-To-Date Facts About The U.S. Dollar In The World |url=https://www.de-dollarization.org/ |access-date=2023-07-20 |website=De-Dollarization Facts: Up-To-Date Facts About The U.S. Dollar In The World |language=en-US}}{{Cite journal |last=Hartley |first=Jonathan |date=22 Jun 2023 |title=De-Dollarization? Not So Fast |url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4477009 |journal=SSRN|doi=10.2139/ssrn.4477009 |ssrn=4477009 |s2cid=259584714 }}

In April 2023, Brazilian President strongly criticized the prevailing dominance of the dollar. In a powerful speech delivered from a podium adorned with the flags of Brazil, Russia, India, China, and South Africa, collectively known as the BRICS nations, he urged the largest developing economies to collaborate and propose an alternative currency to replace the greenback in international trade. President Lula da Silva questioned the decision-making process that led to the dollar becoming the primary trade currency after the abandonment of the gold standard.

On May 24, 2023, IMF Managing director Kristalina Georgieva stated that "We don't expect a rapid shift in reserves because the reason the dollar is a reserve currency is because of the strength of the US economy and the depth of its capital markets."{{Cite news |date=2023-05-24 |title=IMF Managing Director says she does not expect a rapid shift in US dollar reserves |language=en |work=Reuters |url=https://www.reuters.com/markets/currencies/imf-managing-director-says-she-does-not-expect-rapid-shift-us-dollar-reserves-2023-05-24/ |access-date=2023-08-21}}

On June 6, 2023, JP Morgan stated that "De-dollarization is evident in FX reserves where USD share has declined to a record as share in exports declined, but it is still emerging in commodities."{{Cite web |last=Mott |first=Filip De |title=De-dollarization signs are emerging as the greenback slides in currency reserves, JPMorgan says |url=https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-foreign-currency-reserves-chinese-yuan-gold-jpmorgan-2023-6 |access-date=2023-06-10 |website=Markets Insider |language=en-US}}{{Cite web |title=Signs of De-Dollarisation Emerging, US' JP Morgan Says {{!}} Vantage on Firstpost |url=https://www.firstpost.com/vantage/signs-of-dedollarisation-emerging-us-jp-morgan-says-vantage-on-firstpost-11372 |access-date=2023-06-10 |website=Firstpost |language=en}}{{Cite news |last=Jones |first=Marc |date=2023-06-05 |title=JPMorgan flags some signs of emerging de-dollarisation |language=en |work=Reuters |url=https://www.reuters.com/markets/signs-de-dollarisation-emerge-dollar-top-currency-jpmorgan-2023-06-05/ |access-date=2023-08-21}}

On July 11, 2023, S&P Chief Economist Paul Gruenwald stated that "The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency."{{Cite news |date=2023-07-11 |title=S&P Global's top economist sees dollar dominance diminishing |language=en |work=Reuters |url=https://www.reuters.com/article/markets-dollar-dedollarisation-idAFL8N38X4I1 |access-date=2023-08-22}}

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