Disconnecting Russia from the international banking system SWIFT is fraught with a weakening of the role of the dollar in world finance. This was stated in an article for JB Press by Daisuke Karakama, Chief Economist of the Japanese Mizuho Bank.
“The possibility of connecting Russia to the Chinese international interbank payment system CIPS in connection with the blocking of SWIFT, where dollars are mainly used, was discussed from the very beginning of the sanctions. If this returns to normal, the hegemony of the dollar will crack.” declared is he.
Karakama also expressed confidence that Russia will eventually be able to adapt to the disconnection from the SWIFT system.
According to him, the decline in the role of the dollar in global foreign exchange reserves is a long-term trend.
Earlier, economist, financial analyst Anton Smirnov, in an interview with FBA “Economy Today” commented on the situation in the foreign exchange market.