It’s ‘nonsense’ to suggest sanctions hurt the dollar USD dominance has sent ‘tinpot dictators’ scrambling for alternatives

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A staff member counts US dollar cash at a bank in Hai 'an, Jiangsu Province, China, Sept 5, 2022. CFOTO/Future Publishing/Getty Images The view that US sanctions hurt the dollar's status is "nonsense", the Institute of International Finance's chief economist said. On the contrary, sanctioned countries scrambling to get around those shows the greenback's power, Robin Brooks said. The de-dollarization drive has gained attention of late with countries seeking to cut their reliance on the dollar. Washington's increased use of economic sanctions has sparked a movement among nations from China to Brazil to reduce their reliance on the dollar for...