BUSINESS

IMF Warns Of U.S. Dollar Dominance Dilution

The International Monetary Fund (IMF) has warned that financial sanctions imposed on Russia threaten to dilute the dominance of the U.S. dollar gradually and could result in a more fragmented international monetary system.

According to a Financial Times report, the IMF’s First Deputy Managing Director Gita Gopinath said, “The dollar would remain the major global currency even in that landscape but fragmentation at a smaller level is certainly quite possible.”

Her comments came amid the recovery of the Russian ruble against the dollar at the end of March, following a drastic collapse earlier this month — raising questions about the sanctions’ impact.

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Readers Bureau, Contributor

Edited by Jesus Chan

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