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
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.
Qatari PM: We must not surrender to the arrogance of extremists and pursue our quest for a 'two-state solution'

Maduro to ditch US dollar in Venezuela's economic transactions

  • By Al Mayadeen English
  • Source: Agencies
  • 16 May 2023 11:15
  • 30 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

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, Friday, May 30, 2025, in Washington (AP)
Politics

Elon Musk calls for dissolving UK parliament at London far-right rally

Israeli media: US betrayed Qatar, gave green light for attack on Hamas
Politics

Israeli media: US betrayed Qatar, gave green light for attack on Hamas

Leaked memo shows Trump eyeing Louisiana National Guard plan
Politics

Leaked memo shows Trump eyeing Louisiana National Guard plan

Mamdani vows to arrest Netanyahu if elected New York mayor
Politics

Mamdani vows to arrest Netanyahu if elected New York mayor

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