An Attempt to Replace Dollar
A few days back, External Affair Minister Sushma Swaraj and a UAE official signed a currency swap Agreement. It means, henceforward both countries will do their trade through their own currencies. This is a global trend to replace US Dollar (USD) by other currencies. The USA has been using USD like a weapon, so it’s a quite global reaction and challenge to US hegemony. …. External Affair Minister Sushma Swaraj visited UAE, last week. She and Juma Mohammad Al Kais, assistant undersecretary for foreign trade affairs in the UAE’s Ministry of Economy has signed a currency swap agreement. It means, henceforward, both countries can do their trade through their own currencies, either Indian Rupee or UAE’s Dirham. It is an example of a trend to give an option to avoid USD. The USA has hegemony on the global economy and it has been using USD as a weapon, since last 70 years. So, there is an obvious reaction against this US attitude, even in Europe there is a trend to replace USD...