The Department of Business and Management, Faculty of Administrative Sciences and Economics, Tishk International University, Erbil, recently hosted a compelling seminar titled “De-dollarization: Is the US dollar losing its dominance? A Shift in Global Financial Power?” The insightful session was led by Dr. Waqar Ahmad, a distinguished presenter from the same department.
The seminar delved into the increasingly relevant topic of de-dollarization, exploring the profound question of whether the US dollar is indeed losing its long-held position of dominance in the global financial landscape. For decades, the dollar has served as the world’s primary reserve currency, the standard for international trade, and a haven during times of economic uncertainty. However, recent geopolitical shifts, coupled with strategic economic diversification efforts by various nations, are prompting a re-evaluation of this entrenched status quo.
Dr. Waqar Ahmad provided a comprehensive understanding of the multifaceted drivers behind the de-dollarization trend. These include the use of the dollar as a tool for sanctions, which has prompted countries to seek alternatives; the rise of China’s economic power and its push for the internationalization of the Yuan; and advancements in digital currencies that could offer new avenues for cross-border transactions outside traditional dollar-denominated systems. The session examined how major economies and international blocs are increasingly engaging in bilateral trade using local currencies, and the implications of such actions for the dollar’s future role.
Furthermore, the seminar critically assessed the potential ramifications of a genuine shift in global financial power. Discussions covered what a decline in dollar dominance could mean for the United States’ economic leverage and foreign policy, and how it might reshape international trade dynamics, capital flows, and the stability of the global financial system. The presentation highlighted the potential emergence of a more multipolar currency system, where other currencies or even new digital assets play a more significant role. This valuable discussion aimed to provide attendees with crucial insights into the ongoing transformation of the global financial architecture and its broader geopolitical consequences.
Keywords: De-dollarization, Economics, Finance, Global Financial Power, US Dollar, Geopolitics, University Seminar
