Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Netanyahu: If Lebanese Army takes steps to disarm Hezbollah, Israel will engage in reciprocal measures, including phased reduction of Israeli military presence in Lebanon
Al Mayadeen's correspondent: Photojournalist Houssam Al-Masri martyred, reporters Hatem Omar, Mohammad Ashraf Salameh injured in Israeli strike on Nasser Medical Complex.
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace

Maduro to ditch US dollar in Venezuela's economic transactions

  • By Al Mayadeen English
  • Source: Agencies
  • 16 May 2023 11:15
  • 29 Shares
2 Min Read

The Venezuelan President says this is the path of a free economy.

  • x
  • Maduro
    Venezuelan President Nicolas Maduro in Caracas, Venezuela, on December 8, 2020 (Reuters)

Venezuelan President Nicolas Maduro announced on Tuesday that his country will move forward on the path of abandoning the dollar in economic transactions.

Speaking to local media, Maduro said, "This is the path of Venezuela and the path of a free economy where currencies are not used to punish countries and impose sanctions."

Record inflation in the West has pushed countries around the world to find alternatives to the US dollar and its financial institutions, in an indication of the Yuan's rising international significance.

In early May, Argentine President Alberto Fernandez and his Brazilian counterpart, Luiz Inacio Lula da Silva, pledged to develop a framework for using their own currencies in bilateral commerce amid a rising trend of many nations dumping the US dollar in trade transactions.

In April, Argentine Economy Minister Sergio Massa confirmed that Argentina will begin paying for Chinese imports in yuan rather than US dollars, in an effort to protect the country's decreasing foreign currency reserves. 

Related News

US dollar outlook: Short-term gains, long-term losses from tariffs

Dollar slips vs. euro as markets assess trade deals, tax bill

The announcement came shortly after Brazilian President Luiz Inacio Lula da Silva called from China on countries of the Global South to work toward ditching the USD in their international trade and resort to their own currencies instead.

In late March, China and Brazil struck a deal to ditch the US dollar in their bilateral transactions, which is expected to reduce investment costs and develop economic ties between the two countries.

During the same month, the yuan overtook the US dollar in China's cross-border trade transactions, dealing a new major blow to the green note that is witnessing a global decline in its position as the top reserve currency.

Iraq's central bank announced in February that it would allow commerce with China to be settled directly in yuan for the first time.

And in January, South African Foreign Minister Naledi Pandor said the BRICS club consisting of Brazil, Russia, India, China, and South Africa seeks to discover a way of bypassing the dollar to create a fairer payment system that would not be skewed toward wealthy countries.

Read more: Dollar dominance in decline: Expert

  • USD
  • Venezuela
  • US dollar
  • de-dollarization
  • Nicolas Maduro

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS