FX.co ★ NDB President criticizes weaponization of dollar

At the 11th World Peace Forum in Beijing, Dilma Rousseff, President of the New Development Bank (NDB) created by the BRICS countries, voiced concern about using the dollar as a weapon.

Rousseff also expressed worry about an atmosphere of distrust when it comes to holding assets in Western financial institutions, pointing to countries disconnected from their sovereign reserves and other practices based on an unacceptable idea of extraterritorial jurisdiction.

“In the context of geopolitical conflicts, the dollar has been used as a weapon of sanctions, driving up energy and food prices and further disrupting supply chains.” the former Brazilian president pinpointed. She argued that this has given rise to questions worldwide concerning the arbitrariness of the global monetary order.