Roscongress predicted the emergence of alternatives to the dollar and the euro no earlier than 2035

Alternative currencies to the dollar and the euro may appear on the world market no earlier than 2035-2040, reported TASS with reference to the Foundation’s report Roscongress.

“Unambiguous conclusions about the benefits or senselessness of creating currency unions cannot be drawn, but if current trends continue, and the US dollar is no longer perceived as an indispensable tool due to excessive sanctions and regular waves of banking crises, not only the euro can take the vacated place,” fund analysts said.

According to their estimates, now the position of the dollar in the global economy remains strong – the US currency accounts for about 60% of all foreign exchange reserves. For comparison, the share of the Chinese yuan in international reserves is less than 3%.

Roscongress noted the likelihood of the importance of the role of union currencies, for example, in Latin America and the countries of the Eurasian Economic Union (EAEU). According to analysts, currency unions are the final stage in economic integration, but first it is necessary to form a common financial and labor market and create migration and customs associations.

The yuan and dirham of the Arab Emirates have become more often emphasized among politicians and businessmen as an alternative for the Russian market. In September 2022, Deputy Minister of Finance of Russia Alexei Moiseev declaredthat the Chinese and Arab currencies are considered as an alternative to the “toxic” dollar and euro in the process of devaluation of the Russian banking sector.

At the same time, Deputy Chairman of the Board of Sberbank Alexander Vedyakhin told about the bank’s plans to lend to companies in yuan, and Indian rupees may also be involved in the future. President-Chairman of the Board VTB Also assuredthat the organization will launch corporate lending in the currencies of friendly countries.