Venezuelan President Nicolas Maduro Calls for De-Dollarization of the Global Economy

Venezuelan President Nicolas Maduro Calls for De-Dollarization of the Global Economy – Nicolas Maduro, the President of Venezuela, has advocated for the global economy to undergo de-dollarization, citing the challenges that the existing system poses to developing nations impacted by U.S. sanctions. 

In a communication aimed at the leaders of BRICS, Maduro has urged the establishment of alternative settlement mechanisms that utilize national currencies. Nicolas Maduro, the President of Venezuela, has voiced the necessity of reducing the influence of the U.S. dollar in the global economy. 

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Delivering this message during Venezuela’s participation in a recent BRICS summit held in Johannesburg, Maduro emphasized that the geopolitical realities of recent years have underscored the importance of transitioning toward a de-dollarized world economy. Maduro asserted that this step is imperative due to the “indiscriminate use and abuse of the U.S. dollar as a tool for waging an economic war against the free people of the world.” 

Venezuela has encountered economic sanctions that have impacted the trade of oil and other activities conducted by PDVSA, the government-owned oil enterprise. Additionally, these sanctions have hindered U.S. citizens from providing financial support or engaging in transactions involving the petro, the cryptocurrency asset of Venezuela.

These “imperialist” sanctions and economic warfare measures, Maduro stated, have touched at least 28% of the world population in 30 nations. “The damage to our economies and development models is undeniable,” Maduro explained, detailing that these measures affected the human rights situation in each of these countries.

Talking to the leaders of the nations of the BRICS group, integrated by Brazil, Russia, India, China, and South Africa, Maduro called for configuring a new financial system to allow BRICS countries and its allies to settle transactions with “new physical and digital tools.” He brought up the concept of a currency basket as among the strategies to achieve this aim. Maduro also highlighted the necessity of generating fresh avenues of funding to support the resurgence and advancement of developing economies. 

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Moreover, he shared Venezuela’s expertise in mitigating the repercussions of sanctions with the BRICS coalition, aiming to disassemble the prevailing system of financial and commercial dominance. Venezuela formally submitted its request for inclusion in the BRICS alliance on August 1. However, it did not secure a spot among the six newly invited nations slated to join the group from the coming year.

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