US Dollar Forecast To Lose Global DominanceThe US currency’s dominant position in the world economy will gradually decline over time, the head of the Philippines’ central bank, Felipe Medalla, said on Wednesday.“We want a multi-currency world, but so far other currencies do not have the necessary international markets to support. This is the advantage of the US dollar – there’s a very large market for government securities. I think over time the dollar will be less and less dominant,” Medalla said on the sidelines of the IMF-World Bank’s Spring session in Washington.Russian President Vladimir Putin stated recently that the dollar and other Western currencies will inevitably lose their leading position in global cross-border transactions as the current policies of Western states undermine the supremacy of the dollar and euro in international payments.
