Showing posts with label Special Drawing Rights. Show all posts
Showing posts with label Special Drawing Rights. Show all posts

Wednesday, December 30, 2009

Former Soviet States Dumping Dollar


For decades, the people of the Soviet Union craved the dollar, a sign of stability and the prosperity they dreamed of in the West.  Now the dollar is on the outs in most former Soviet states. It's just the latest sign of the dollar's creeping decline as currency numero uno, a leading economist has told the Informant.  Russia, with the globe's third largest currency reserves at $443.7 billion, is already moving away from the dollar to a wider basket of currencies.  Not coincidentally, Russia along with China have been leading the charge for a new world currency.