Is the disposal of the dollar in global trade imminent, or is it remaining and expanding?

He added - in his speech to an episode (25/10/2222) of the "The Opposite Direction" program - that the dollar will not remain dominant in global economies, because many countries are using local currencies in foreign transactions and external exchange among themselves, and what the dollar constitutes of the size of the economy. Global does not exceed 25%.

He added that the alternatives that can eliminate the dollar are many, such as gold and digital currencies that would pull the rug out from under the dollar's throne, to be on the list of the most traded currencies in the world, stressing that the Islamic world with its wealth is able to create its own currency.

He went on to say that if every Muslim family buys two dinars of gold annually, this will bring the Islamic world a tremendous economic power, according to his claim.

On the other hand, the economic expert, Abdel Hafez Al-Sawy, rejected the previous guest's talk about the imminent end of the dollar era, stressing that what the world is witnessing now is called the "dollar trap."

He said that the same thing happened in 1971, and the aim of it was to absorb money from the markets, because America made it a primary currency in global transactions, and its obligations to the world amount to $53 trillion, and Americans have assets around the world amounting to $35 trillion.

He added that in the event of a decline in the dollar, the world will enter into a spiral of conflict that it will not be able to get out of, pointing out that China avoids entering into a conflict with America because it knows the size of the losses that will affect it, because its monetary reserve is about 3 trillion dollars, and entering into a conflict will affect Industries in China, citing what happened with the Chinese company Huawei after being subjected to US sanctions as an example.

He added that the US Federal Reserve's endeavor to gradually raise the interest rate from 0.5% to about 5.5%, so that it has now reached 3.5%, which prompted the banks in the world to rush to invest in America in order to obtain benefits, expecting that the dollar will remain and control the dollar. least until 2050.

Al-Sawy also ridiculed calls for trade exchange in local currencies, because in the end it will pay the deficit in this exchange in dollars, warning that the establishment of an economic bloc based on dealing in a single currency may be an alternative to the dollar, as happened in the European Union, but he sees this step as far-fetched.