Originally posted on Watcher.Guru by Loredana Harsana:
Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II.
De-Dollarization List of Countries: Key Reasons and Global Impact
As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades.
Complete List of Countries Leading De-Dollarization Efforts
BRICS and Oil Producers
BRICS countries set the pace in the global de-dollarization process by developing alternative payment mechanisms and transferring trade to local currencies. Some of the oil producers have started to accept non-dollar currencies for crude sales, weakening the system of petrodollar.
GLOBAL DE-DOLLARIZATION TRACKER
| COUNTRY | DE-DOLLARIZATION ACTIVITIES | COUNTRY | DE-DOLLARIZATION ACTIVITIES |
|---|---|---|---|
| China | Has encouraged the usage of yuan (now 47% of its total volume of transactions worldwide) and has also signed with over 40 other countries to trade in yuan. | Argentina | Settling IMF dues and Chinese imports in yuan. |
| Russia | Has reduced its holding of US dollar and introduced ruble and yuan in its interactions, particularly with China. Formed SPFS payment system against SWIFT. | Nigeria | Has joined BRICS as a partner country and expressed interest in using local currencies in bilateral trade agreements. |
| India | Advocating for the use of rupee in bilateral trade arrangement with Sri Lanka and UAE. The Reserve Bank of India has established special rupee accounts to banks within 20 countries. | Algeria | Shifting to yuan and ruble. |
| Brazil | Trading with China in yuan and real; opened yuan clearing bank. | Egypt | Planning local currency trade. |
| South Africa | It calls for local currencies for trade amongst the states in the group. | Ghana | Paying for oil imports using gold, reflecting a structural change in its international trade approach. |
| Iran | Trading oil in yuan/ruble, using Mir payment system. | Zimbabwe | Introduced gold-backed ZiG digital currency. |
| Turkey | Increasing local currencies in trade agreements. | Pakistan | Paying for Russian oil imports in yuan. |
| Bangladesh | Settling Russian nuclear plant project in yuan. | Cuba | Using yuan and euro for getting around sanctions. |
| Saudi Arabia | Accepting yuan for oil sales to China. | UAE | Using non-dollar currencies in trade with China/India. |
Asian and CIS Countries
The ASEAN bloc has made significant progress in establishing local currency settlement frameworks, reducing transaction costs and enhancing regional financial cooperation. Meanwhile, Commonwealth of Independent States (CIS) members are conducting approximately 85% of cross-border transactions using local currencies rather than the US dollar, following Russia’s lead in creating alternative payment infrastructures.
| COUNTRY | DE-DOLLARIZATION ACTIVITIES | COUNTRY | DE-DOLLARIZATION ACTIVITIES |
|---|---|---|---|
| Malaysia | Actively promoting local currencies in cross-border trade with neighboring countries. | Mauritius | Negotiating trade works by means of the Indian rupee in order to avoid excessive dependence on the US dollar. |
| Indonesia | Encouraging the use of local currencies in regional trade through the ASEAN Payment Network. | Armenia | Armenia’s entry to the CIS bloc de-dollarization attempts to minimize economic dependency on the dollar. |
| Thailand | Using QR payments and local currencies in ASEAN trade for financial inclusion and reduced transaction costs. | Azerbaijan | Participating in the CIS initiative to use 85% of the cross-border transactions in local currencies. |
| Philippines | Joining the ASEAN push for local currency settlements to enhance economic resilience. | Belarus | After Russia’s example, in abandoning the treatment of transactions in dollars. |
| Singapore | Promoting digital cross-border payment systems outside the US dollar framework. | Kazakhstan | The Central bank is working to decrease dollar dependency and to strengthen the national currency after inflation reached the heights for the last 6 years. |
| Sri Lanka | Advocating for the use of Indian Rupee in imports to reduce the dependence on US dollar. | Luxembourg | Using interest in currency diversification and pushing for digital cross-border systems outside the US dollar. |
Data compiled from global financial reports and trade statistics as of May 2025
African Nations
African countries are increasingly seeking monetary sovereignty through de-dollarization initiatives. There are several East African Community members who are jointly working on regional currency initiatives while some have prohibited the use of foreign currencies in all domestic transactions.
GLOBAL DE-DOLLARIZATION TRACKER
| COUNTRY | DE-DOLLARIZATION ACTIVITIES | COUNTRY | DE-DOLLARIZATION ACTIVITIES |
|---|---|---|---|
| Tanzania | Has recently banned the use of foreign currencies for domestic transactions to strengthen the local currency. | Malawi | Working toward local currency trade. |
| Kenya | Exploring yuan for oil payments. | Sierra Leone | Exploring alternatives to the US dollar in international trade and financial exchanges. |
| Ethiopia | On January 1st, 2024, Ethiopia officially joined BRICS and it’s exploring regional trade. | Guinea | Exploring local currency settlements. |
| South Sudan | Discussing regional trade in non-dollar currencies to enhance economic resilience. | Liberia | Reducing reliance on US dollar in trade. |
| Cameroon | Working with Russia and China outside dollar system. | Côte d’Ivoire | Promoting local currencies in trade. |
| Senegal | Using yuan in trade with China. | Togo | Engaging in discussions about shifting currency policies to local currencies in international transactions. |
| Uganda | Using yuan in trade with China to reduce reliance on the US dollar. | Benin | Using regional currencies for trade. |
| Rwanda | Pursuing de-dollarized trade ties. | Niger | Reducing dollar reliance in trade. |
| Burundi | Participating in EAC de-dollarization efforts. | Chad | Working toward a de-dollarized economy by promoting regional currencies in trade. |
| DRC | Increasing trade in yuan. | CAR | Adopting local currencies in trade agreements. |
| Namibia | Exploring local currencies in regional trade. | Gabon | Focusing on regional alternatives to dollar. |
| Mozambique | Shifting to local currencies. | Equatorial Guinea | Joined the push toward de-dollarization in Central Africa, seeking alternative currencies for trade. |
| Zambia | Trading in non-dollar currencies. |
BRICS Alliance Leading Global De-Dollarization
The BRICS alliance has created alternative payment systems and increased trade in local currencies. Their collective efforts represent the most organized challenge to dollar hegemony in recent years.
Mohammad Reza Farzin was clear about the fact that:
“We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials.”
Commonwealth of Independent States Forms Dollar-Free Zone
Eleven CIS nations have announced plans to stop using the dollar, and they are currently conducting about 85% of cross-border transactions using local currencies instead of the US dollar.
Vladimir Putin said during a CIS meeting:
“The use of national currencies is widening in mutual payments. Their share in commercial operations among CIS participants has already been above 85%. The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened.”
Saudi Arabia Ends Half-Century of Dollar Exclusivity
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Saudi Arabia’s decision to accept non-dollar currencies for oil transactions marks a historic shift in the petrodollar system that was established back in the 1970s.
Ghana’s Vice President Mahamudu Bawumia stated regarding their own de-dollarization efforts:
“The barter of gold for oil represents a major structural change.”
Trump Threatens Tariffs Against De-Dollarizing Nations
The United States has responded forcefully to the de-dollarization trend, with political and economic warnings against countries abandoning the dollar.
President Donald Trump declared:
“Many countries are leaving the dollar. They not going to leave the dollar with me. I’ll say, you leave the dollar, you’re not doing business with the United States because we’re going to put 100% tariff on your goods.”
Financial Experts Assess Dollar’s Future
Leading financial institutions have acknowledged the shifting landscape while noting the dollar’s continued importance in global markets. Nevertheless, experts suggest this dominance may be waning.
Joyce Chang, Chair of Global Research at J.P. Morgan, acknowledged:
“The dollar’s role in global finance and its economic and financial stability implications are supported by deep and liquid capital markets, rule of law and predictable legal systems, commitment to a free-floating regime, and smooth functioning of the financial system for USD liquidity and institutional transparency.”
Source: J.P. Morgan Wealth Management, Bloomberg Finance L.P.
S&P Chief Economist Paul Gruenwald offered this assessment:
“The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency.”
The countries that want to gain monetary sovereignty and are oriented towards the protection from sanctions in dollars still adhere to the de-dollarization movement. Furthermore, many nations are creating alternative payment systems to reduce their vulnerability. Although the dollar will continue being powerful for a couple of more years, its undisputed supremacy seems to be declining now, and consequently, the repercussions for the international monetary system as well as we know it are dramatic.
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