{"id":25566,"date":"2023-06-21T14:12:22","date_gmt":"2023-06-21T18:12:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/powell-says-he-expects-dollar-to-remain-global-reserve-currency\/"},"modified":"2023-06-21T14:12:23","modified_gmt":"2023-06-21T18:12:23","slug":"powell-says-he-expects-dollar-to-remain-global-reserve-currency","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25566","title":{"rendered":"Powell says he expects dollar to remain global reserve currency"},"content":{"rendered":"
\n

(Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world\u2019s reserve currency as long as democratic institutions and the rule of law remain in place in the U.S.<\/p>\n

\u201cThe status of the dollar as the world\u2019s reserve currency is a very important thing to us,\u201d Powell told the House Financial Services Committee. \u201cI think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we have, generally speaking, had strong levels of price stability.\u201d<\/p>\n

\u201cI think the dollar will remain the reserve currency as long as those things are in place,\u201d he said.<\/p>\n

The dollar share of official FX reserves fell to a 20-year low of 58% in the fourth quarter of 2022, according to International Monetary Fund data.<\/p>\n

History shows that global reserve currency status \u201cis not a permanent status, but it is a lasting one,\u201d Powell said when lawmakers revisited the topic later in the session.<\/p>\n

He said there was no other country that combined features such as rule of law, price stability, strong democratic institutions, and open capital accounts.<\/p>\n

\u201cI think in the case of the United States, as long as we maintain those characteristics of our government and our country we can continue to be the world\u2019s reserve currency,\u201d he said.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

(Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world\u2019s reserve currency as long as democratic institutions and the rule of law remain in place in the U.S. \u201cThe status of the dollar as the world\u2019s reserve currency is a very important thing to us,\u201d Powell […]<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-25566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nPowell says he expects dollar to remain global reserve currency | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Reuters) - Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world\u2019s reserve currency as long as democratic\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25566\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Powell says he expects dollar to remain global reserve currency | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"(Reuters) - 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