Treasury Secretary Janet Yellen says to expect a gradual decline in the dollar's share of global reserves, but greenback remains dominant
The US should expect the dollar's share of global reserves to slowly decline, but no alternatives exist that could completely displace the greenback, Treasury Secretary Janet Yellen said on Tuesday.
Asked by Rep. Warren Davidson, R-Ohio, on whether US sanctions could impact dollar transactions, Yellen acknowledged that their use has motivated some countries to look for currency alternatives. Later, Rep. Vicente Gonzalez, D-Texas, further inquired whether the US should slow down the use of sanctions, noting that even traditionally allied nations, such as"I would say there is virtually no meaningful workaround for most countries for using the dollar as a reserve currency," Yellen replied.
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