In a recent address to the United Nations General Assembly, Iran’s President emphasized the urgent need for de-dollarization is key to a fair international system. President’s remarks come amidst growing concerns over the dominance of the United States dollar and its impact on global economic stability. The President argued that de-dollarization would promote financial independence, reduce economic vulnerabilities, and foster a more balanced and inclusive global economy.
Ebrahim Raisi has advocated for the process of de-dollarization. Raisi highlighted that the dominant position of the dollar has been the foundation of the Western hegemonic structure.
Iranian President Urges De-Dollarization during SCO Summit
During the 23rd virtual summit of the Shanghai Cooperation Organisation (SCO) Council of Heads of State, President Ebrahim Raisi of Iran highlighted the imperative of de-dollarization. The summit, presided over by Indian Prime Minister Narendra Modi and hosted by India, witnessed Iran’s induction as a new permanent member of the SCO. Noteworthy attendees included President Xi Jinping of China, President Vladimir Putin of Russia, President Kassym-Jomart Tokayev of Kazakhstan, President Sadyr Japarov of Kyrgyzstan, Prime Minister Shehbaz Sharif of Pakistan, President Emomali Rahmon of Tajikistan, and President Shavkat Mirziyoyev of Uzbekistan.
During his speech at the summit, the President of Iran emphasized the significance of establishing a more equitable global order, where the dominance of the U.S. dollar as the sole currency is no longer prevalent. Quoted by the Tehran Times, Raisi expressed concerns about how Western hegemonic powers have compromised worldwide security, economic prosperity, and fair trade principles through economic coercion and sanctions.
Raisi further highlighted that, based on past decades’ experiences, it is evident that the Western domination system is primarily rooted in the dominance of the dollar. He emphasized the need to address this issue, alongside militarism, as a crucial aspect of reshaping the international landscape.
“Therefore any attempt to shape a fair international system requires the removal of this instrument of dominance in intra-regional relations.”
Promoting Financial Cooperation and Ethical Civilization
The Iranian leader further emphasized the need for greater focus on expanding the utilization of national currencies in international trade and financial transactions among the members of the organization and their respective business partners. He expressed a positive reception towards the introduction of modern technology-based financial payment instruments, particularly within multilateral frameworks, to facilitate financial exchanges.
Additionally, the President of Iran highlighted that unity and peace among the SCO member countries can be fostered through the promotion of a civilization grounded in ethical values, spirituality, justice, rationality, and respect for human dignity. He shared his belief that:
“The Shanghai Cooperation Organisation, which is a symbol of this ‘great family of civilizations,’ is now standing in a position that can establish new horizons of regional convergence and security-building cooperation.”
Promoting Sovereignty, Multilateralism, and National Currency Usage
President Raisi highlighted the importance of respecting national sovereignty, stating that true multilateralism involves independent countries working together in synergy for the collective good. He emphasized that de-dollarization is key to a fair international system and that this perception of multilateralism contradicts security alliances that promote violence and hostility towards other nations. Genuine multilateralism, according to Raisi, prioritizes the interests of nations rather than powerful entities. By respecting countries’ sovereignty and fostering mutually beneficial cooperation, the ambitious objectives of security and sustainable development can be achieved.
During the summit, Chinese President Xi Jinping and Russian leader Vladimir Putin also advocated for the use of national currencies in trade settlements. Putin mentioned that more than 80 percent of commercial transactions between Russia and China are conducted in Russian rubles and Chinese yuan.
President Ebrahim Raisi’s remarks at the Shanghai Cooperation Organisation (SCO) summit underscored the necessity of de-dollarization as key to a fair international system. He emphasized the importance of expanding the use of national currencies in international trade while promoting unity, peace, and an ethical civilization among SCO member countries. The summit also saw support from Chinese President Xi Jinping and Russian leader Vladimir Putin for national currency usage in trade settlements, reflecting a growing trend away from the dominance of the U.S. dollar.
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