In an interview with Sputnik, Philippine Central Bank Governor Felipe Medalla assessed the Dollar hegemony to be deteriorating.

"I think what's happening over time is the dollar is getting less and less dominant, but it's happening very slowly," Medalla said.

Read more: De-dollarization: Slowly but surely

He then noted the necessity and importance of alternatives to the SWIFT system of money telecommunication. 

"There has to be an alternative to SWIFT. Right now it's not there," Medalla added. 

Read more: China, Brazil announce de-dollarization of mutual trade

Last week, the secretary of Iran's Supreme National Security Council stated, in a meeting with the visiting Russian President's Special Aide Igor Levitin that the reduced US dollar influence in regional and economic transactions would decrease the Western dominance over the global economy.

Shamkhani and Levitin emphasized the need for the adoption of fruitful solutions to accelerate the implementation of joint economic cooperation while expressing satisfaction with the promotion of trade and economic cooperation between Iran and Russia.

Read more: The dethroning of the USD; an irreversible track

Even though several countries across the world have been recalibrating their trade policies so as to substitute the US dollar with other currencies, the US dollar maintains its reputation as the safest and most convenient currency in the world. 

However, in the span of 20 years, the share of US dollars fell sharply as it stood at 72% in 2001. China, on the other hand, has had its own share double since 2016.