Following the approval of the government, Kazakhstan’s Central Bank has announced it plans to de-dollarize its economy by the end of 2016. The goal is to avoid the macroeconomic instability that the USD creates and to give priority to Tenge in trade agreements (banning price designations in foreign exchange). Coming just 2 weeks after the ratification of the $100 billion BRICS bank, and Russia’s creation of a SWIFT-alternative, one wonders – as one by one foreign nations agree non-dollar trade and swap agreements – who is becoming ‘isolated’ now?
I have read some of the comments from the article. I think some of them are missing the point that the more countries to drop the dollar is the more value of the dollar decreases. There is a tipping point and once reached, the economy will crash. I find it interesting that most people dismiss this and think that everything will be alright if we keep going the way we are going.