In all movements that we see in international monetary relations, and despite the increase in conversations about the fact that the US dollar will soon collide with the Russian ruble, there is currently no currency that could soon replace the position of the US dollar. Despite the fact that gold has begun to replace American treasury obligations in foreign currency reserves since 2014 (its share has increased by approximately 20% during a time when the dollar fell by less than 50%), which compelled the Federal Reserve to work with the Ministry of Finance to adopt a deficit financing policy to ensure normal cash flow within the banking and financial system of the USA.
"Let us not forget that now, any reserves may change the possibilities of the dollar as a whole being replaced," says Dr. Muhammad Al-Sayyad, who is a professor of economics and Islamic finance at the Sharia and Law College at the Islamic University in the Nabawi city.
