‘Dollar may no longer remain safest currency’

F.P. Report

ISLAMABAD: The Pakistan Economy Watch (PEW) on Thursday said the US dollar may not remain the world’s safest currency as the world is becoming increasingly polarized in the wake of the war between Russia and Ukraine.
The war between Russia and Ukraine has changed everything and the global dominance of the dollar since 1944 is under serious threat, it said.
The countries fed up by the dominance of the dollar are inclining towards Yuna which can make China a financial superpower, said Dr. Murtaza Mughal, President PEW in a statement.
He said that almost all the oil is traded in the dollar but now some important countries are planning to sell oil in other currencies which will give an unprecedented boost to Chinese currency.
Dr. Murtaza Mughal said that at present 90 percent of the currency trade is conducted in dollars. The euro tried to replace the dollar, but failed and faced a collapse, and now the Chinese yuan is trying to replace it.
He said that currently, only 14 countries are using the Yuan as a reserve currency. While Russia is also using the Chinese currency extensively to reduce its dependence on the dollar. The Chinese plan to launch a digital currency that will break the back of the dollar.
Dr. Mughal said that compared to most of the countries in the world, Pakistan has high inflation and a low growth rate. The crisis in the energy and agriculture sectors is intensifying. The country’s treasury can no longer bear the brunt of failed economic policies and loss of resources. The influential class is constantly taking money out of the pockets of the poor under various pretexts.
Due to political tensions, business expenses are constantly rising, the entire burden of which is to be borne by the people.