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Iraq will ban the greenback from being used in cash transactions and withdrawals from January 1, the outlet reported.
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Traders' belief that the central bank will have to hold rates at a higher level for longer has powered the buck to 10 straight weeks of gains.
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The Johns Hopkins professor echoed the views of Argentina's presidential candidate Javier Milei – who has also called for adopting the greenback as the country's local currency.
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"The recent decline and volatility in the Chinese Yuan, the Russian Ruble, and to a lesser extent the Argentine Peso, will only add further challenges to the idea of de-dollarization," an analyst told Insider.
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Russia's currency and inflation woes are captured by something economists don't usually focus on: sushi. Local prices of the Japanese delicacy could surge 30% due to the ruble's plunge and Russia's rift with the West.
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"If tinpot dictators want to wage war, get sanctioned and then need alternate payment means, that's signals Dollar dominance, not weakness..." Robin Brooks said.
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India's foreign minister S. Jaishankar pushed back on the idea that the BRICS group of countries are working on an alternative currency.