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BREAKING
President al-Mashat: Our armed forces, represented by our air defenses, will soon turn the Zionist enemy’s aircraft into a subject of ridicule.
President al-Mashat: Good news about the Zionist enemy’s aircraft used in aggression against our country will reach you soon, God willing.
President al-Mashat: Our armed forces will be able to deal with hostile Zionist aircraft without causing any harm to air or maritime navigation.
President al-Mashat: To ensure the safety of airliners, they must avoid navigating along the routes used by the Zionist entity to carry out aggression against our country.
Yemeni President Mahdi al-Mashat: For the safety of air and maritime navigation in areas where our armed forces operate, we have directed that the routes used by the Zionist enemy to attack our country be designated as dangerous.
Hamas official says despite this, Hamas leadership is currently undertaking a thorough review of the new proposal
Hamas official says the response fails to meet any of the just and legitimate demands of our people
Hamas official says it is clear that the Israeli response fundamentally seeks to entrench the occupation
Reuters citing Hamas official: Group received Israeli response to Witkoff proposal
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.

Dollar dominance in decline: Expert

  • By Al Mayadeen English
  • Source: News websites
  • 12 May 2023 14:33
  • 1 Shares
2 Min Read

The US dollar currently losing its reputation as the safest and most convenient currency in the world, warns Professor James Brander from the University of British Columbia.

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  • U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul. (Reuters)
    US one hundred dollar notes are seen in this picture illustration taken in Seoul. (Reuters)

A Canadian academic affirms that the US dollar's dominance over the world market is waning, pointing to a rising trend among international trading partners to use local currencies rather than the dollar. 

James Brander, Professor at the University of British Columbia, said on Thursday that "the US dollar is the major reserve currency. Well, over half of all international currency reserves in the world are US dollar reserves. But the role of the US dollar has been declining. It's still big, but it has been declining." 

He also acknowledged that other currencies have loomed large in international transactions, stressing that recent geopolitical tensions have pushed toward using other currencies, referring to Russia, and China among other countries.

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"So, we've got a transaction between India and Russia and that's handled either in Indian currency or Russian currency. We're seeing more of that instead of US dollars. I don't see a problem with that," he stated.

Last month, Treasury Secretary Janet Yellen warned that the United States' economic sanctions imposed on Russia and other nations have put the dollar's hegemony at risk, as targeted countries seek out an alternative.

"There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen said.    

Read next: De-dollarization: Slowly but surely

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