ASEAN Country Singapore To Suffer If It Risks De-Dollarization
The de-dollarization drive is currently taking over the world. The greenback is now witnessing a surge in its enemies as new foes emerge to derail its value. The US dollar is currently at a precarious threshold, with ASEAN count ries expediting efforts to topple it. These countries are working on their own currency system, one that challenges the US dollar and the Euro. Singapore, one of the leading ASEAN nations, may suffer grave consequences if the de-dollarization drive gains momentum. Also Read: ASEAN: Indonesia’s Risks Amid De-Dollarization Push Singapore: De-dollarization Risks and Impact Source: iStock ASEAN nations are reportedly working on crafting their currency system. This currency system intends to rival the US dollar and unify the ten ASEAN blocs using a single currency on a global platform. However, launching a new currency and getting the required credibility to help push the currency to stabilize higher is a huge task. Potential & Economic Consequences In the meant...