9 Asian Countries Gather in Tehran to Discuss Inevitable De-Dollarization

9 Asian Countries Gather in Tehran to Discuss Inevitable De-Dollarization


Top officials from nine Asian countries gather in Tehran for the annual Asian Clearing Union (ACU) meeting, with de-dollarization taking center stage and becoming an inevitable response to the “weaponization project of the dollar.”

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. Along with the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s monetary authority governor and officials from Belarus and Afghanistan likewise attended the meeting.

‘De-Dollarization Is Not a Voluntary Choice by Countries’

The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) likewise as plenty of others. The meeting was hosted by the monetary authority of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported.

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The ACU as of now has nine members: Bangladesh Bank, Royal Central Bank of Bhutan, Reserve Bank of India, Monetary Authority of Iran, Maldives Central Bank, Monetary Authority of Myanmar, Nepal Rastra Bank, State Bank of Pakistan, and Monetary Authority of Sri Lanka. Apart from the top officials of the ACU members, the governor of the Russian monetary authority is attending as an observer along with officials from Belarus and Afghanistan.

Commenting on the role of the United States dollar in the world economy and a growing number of countries shifting away from using the USD in trade settlement, Iran’s 1st Vice President Mohammad Mokhber stated at the meeting:

De-dollarization is not a voluntary choice by countries anymore, it is the countries’ inevitable response to the ‘weaponization project of the dollar.’

Mokhber pointed out that in the previous few decades, the “Weaponization of the dollar” has compelled countries to distance themselves from reliance on the USD to be able to mitigate the  capacity impact of possible future sanctions.

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Addressing the growing tendency of countries seeking to diminish their reliance on the United States dollar, the Iranian 1st vice president noted that the weakening of the United States dollar poses a whole lot of challenge to the United States’ worldwide influence. Concluding his remarks, he emphasized that the Islamic Republic is ready to strengthen its banking and trade relations with other countries, particularly ACU member states.

Iran has been ramping up its de-dollarization efforts, such as phasing out the USD in bilateral trade agreements with Russia. Earlier these 30 days, Iranian President Ebrahim Raisi was known on the monetary authority of Iran to ditch the United States dollar in trade and use national currencies instead. President Raisi likewise stated Iran is seeking to participate in the BRICS economic bloc to counter Western hegemony and encourage a multipolar world.

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The BRICS countries (Brazil, Russia, India, China, and South Africa) have likewise pushed to lower their reliance on the United States dollar. The economic group is discussing creating a common currency that is set to be discussed at its next leaders’ summit. 10 Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), likewise recently agreed to promote   the use of national currencies instead of the United States dollar.

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