Business programme

Dedollarization: The Future of Money

15 Jun , 09:00–10:15
The World Economy at a Global Turning Point
Pavilion F, conference hall F1

In today's multipolar world, we witness the gradual and profound integration of individual national economies into the global system of production and trade in goods and services. Nevertheless, as these integration processes unfold amidst a multipolar world economy, the flaws of the dollar-centric financial system, established in the latter half of the twentieth century, become increasingly apparent. The freezing of Russian reserves has transformed reserve currencies into geopolitical weapons, casting a shadow over the stability of settlements with trading partners in US dollars susceptible to Washington's ability to impede transactions deemed suspicious. Consequently, global economic trust in the US currency wanes, prompting a surge in de-dollarization. Consequently, global economic trust in the US currency wanes, prompting a surge in de-dollarization. This trend unfolds against the backdrop of cryptocurrency development, the growing influence of the Chinese yuan, and the expanding issuance of IMF Special Drawing Rights (SDRs). As of mid-May, the Russian national currency has appreciated by over 11% against the US dollar since the outset of 2022, catapulting it to the forefront among 31 major global currencies. Furthermore, Russian officials have already announced plans to develop a digital rouble and establish a dual-loop monetary and financial system. Beyond the evident economic drawbacks the existing financial system presents for developing nations, including those in Africa, other issues come to the fore: the dependence of national monetary systems on external factors, vulnerability to potential crises in the US economy, the inability to ensure international payment confidentiality, leveraging the reserve currency and its infrastructure (SWIFT) for political purposes, and unjustifiable transaction costs, among others. Is it imperative to reevaluate the principles of regulating and owning the universal exchange equivalent? Is it plausible to transition from the US national currency as the bedrock of global trade towards a fundamentally new supranational currency, overseen by a broad consortium of states operating on principles of partnership?

Alexander Galushka, Vice President, Civic Chamber of the Russian Federation

Ivan Adolfo Acosta Montalvan, Minister of Finance and Public Credit of the Republic of Nicaragua
Sergey Vakhrukov, Deputy Secretary of the Security Council of the Russian Federation
Michael Goddard, President, Netley Group
Tatyana Gurova, Editor-in-Chief, Expert magazine
Kong Dan, President, CITIC Foundation for Reform and Development Studies (online)
Dmitriy Zaytsev, Auditor, Accounts Chamber of the Russian Federation
Calixto Jose Ortega Sanchez, President, Central Bank of Venezuela
Mehmet Bora Perincek, Historian, Political Scientist
Aleksey Poroshin, General Director, First Group
Sergey Ryabukhin, First Deputy Chairman of the Committee of the Council of the Federation of the Federal Assembly of the Russian Federation on Budget and Financial Markets

Front row participant
Alexander Osipov, Governor of Trans-Baikal Territory