{"id":13428,"date":"2023-05-25T01:12:43","date_gmt":"2023-05-25T05:12:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dont-kiss-your-dollars-goodbye-just-yet-imf-chief-sees-u-s-dollar-remaining-global-reserve-currency\/"},"modified":"2023-05-25T01:12:44","modified_gmt":"2023-05-25T05:12:44","slug":"dont-kiss-your-dollars-goodbye-just-yet-imf-chief-sees-u-s-dollar-remaining-global-reserve-currency","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13428","title":{"rendered":"\u2018Don\u2019t kiss your dollars goodbye just yet\u2019: IMF chief sees U.S. dollar remaining global reserve currency"},"content":{"rendered":"
\n
<\/p>\n
\n

\n \u201c<\/span>\u2018Don\u2019t kiss your dollars goodbye just yet.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Kristalina Georgieva, managing director, International Monetary Fund<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Don\u2019t count International Monetary Fund Managing Director Kristalina Georgieva\u00a0among the naysayers expecting the U.S. currency to lose its luster due to \u201cde-dollarization.\u201d<\/p>\n

In remarks at an economic forum in Doha Wednesday, she argued that the U.S. dollar was likely to retain its status, Reuters reported.<\/p>\n

\n

\u201cWe don\u2019t expect a rapid shift in [dollar] reserves because the reason the dollar is a reserve currency is because of the strength of the U.S. economy and the depth of its capital markets,\u201d she said.<\/p>\n

A debate over de-dollarization \u2014 countries moving away from the dollar as a reserve and medium of exchange \u2014 has raged this year. The question is whether a meaningful shift away from the dollar is under way that would have implications for the U.S. or global economy.<\/p>\n

See: <\/strong>Why Washington and Wall Street are worried about the \u2018de-dollarization\u2019 threat<\/p>\n

Skeptics of de-dollarization contend that moves to price some commodity transactions in units other than the dollar pose little threat to the currency\u2019s dominant role in the financial system, while the greenback\u2019s share of global forex reserves has always tended to ebb and flow.<\/p>\n

The ICE U.S. Dollar Index
\n DXY,
\n +0.14%<\/bg-quote>,<\/span>
\n a measure of the currency against a basket of six major rivals, rose 0.4% to a two-month high on Wednesday. The index, which rose sharply is up around 0.4% for the year to date.<\/p>\n

On a more immediately pressing matter, Georgieva played down the risk of a default by the U.S. government as the White House and congressional Republicans continue to negotiate over lifting the debt ceiling. Such showdowns are a somewhat regular occurrence in the U.S., she noted.<\/p>\n

\u201cHistory tells us that the U.S. would wrestle with this notion of default \u2026 but come the 11th hour it gets resolved and I have confidence we will see that play again,\u201d Georgieva said.<\/p>\n

The Treasury Department has warned the U.S. could find itself unable to pay its bills as early as June 1 \u2014 the so-called X-date \u2014 unless the debt ceiling is raised or otherwise addressed. The White House and congressional negotiators continue to talk.<\/p>\n

See:<\/strong> Want to place a bet on a U.S. default? You may be able to cash in with the dollar.<\/p>\n

Worries over the potential for default have roiled the market for short-term Treasury bills, with traders and investors shunning paper that would come due around the X-date. <\/p>\n

Stocks fell on Wednesday, with the Dow Jones Industrial Average
\n DJIA,
\n -0.77%<\/bg-quote>
\n down around 256 points, or 0.8%, and the S&P 500
\n SPX,
\n -0.73%<\/bg-quote>
\n down 0.7%. <\/p>\n

Don\u2019t miss:<\/strong> A debt-ceiling deal will spark a new worry: Who will buy the deluge of Treasury bills?<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u2018Don\u2019t kiss your dollars goodbye just yet.\u2019\u201d \u2014 Kristalina Georgieva, managing director, International Monetary Fund Don\u2019t count International Monetary Fund Managing Director Kristalina Georgieva\u00a0among the naysayers expecting the U.S. currency to lose its luster due to \u201cde-dollarization.\u201d In remarks at an economic forum in Doha Wednesday, she argued that the U.S. dollar was likely to […]<\/p>\n","protected":false},"author":1,"featured_media":13429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-13428","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018Don\u2019t kiss your dollars goodbye just yet\u2019: IMF chief sees U.S. dollar remaining global reserve currency | iFintechWorld<\/title>\n<meta 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