The Banking Executive Magazine - April 2023 Issue

Russia’s war in Ukraine, Vladimir Putin and Xi Jinping’s recent meeting in Moscow, and China’s apparent success in brokering a diplomatic rapprochement between Iran and Saudi Arabia have fueled renewed chatter about threats to the global primacy of the United States – and particularly to that of the US dollar. We have encountered such com- mentary in the responses to a cent Global Policy article assessing the fu- ture of the BRICS (Brazil, Russia, India, China, and South Africa). The group is now considering an enlarge- ment that would bring in countries like Iran and Saudi Arabia, raising questions about its criteria for mem- bership and the role of its own New Development Bank. But would a larger and more influential BRICS- Plus really create risks to the dollar? Perceived threats to the dollar’s role in the global financial system are nothing new; they have been a fre- quent occurrence since the 1980s. Obviously, if there comes a time ISSUE 172 APRIL 2023 the BANKING EXECUTIVE 21