Can the world reduce its Dollar dependence? Iran sanctions revive the debate
Edited By WION Video Desk
Published: Aug 25, 2026, 18:41 IST | Updated: Aug 25, 2026, 18:41 IST
The dollar remains the backbone of global finance, supported by powerful payment and settlement systems such as SWIFT, CHIPS, and Fedwire, which facilitate trillions of dollars in transactions every day. While countries including China, Russia and members of the BRICS bloc have sought alternatives, the greenback continues to dominate international trade, reserves and cross-border payments.
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