STORY: Emerging economies concerned about U.S. dollar hegemony, says analyst
DATELINE: Aug. 21, 2023
LENGTH: 00:01:47
LOCATION: ISTANBUL
CATEGORY: POLITICS/ECONOMY

SHOTLIST:
1. street views in Johannesburg
2. SOUNDBITE 1 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim
3. street views related to BRICS in Johannesburg
4. SOUNDBITE 2 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim
5. street views related to BRICS in Johannesburg
6. SOUNDBITE 3 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim

STORYLINE:

Developing nations are becoming more worried about the dominance of the U.S. dollar in the global financial system and are taking measures to tackle the issue.

This is according to Sant Manukyan, an analyst with Is Yatirim, the investment banking arm of Isbank Group in Istanbul.

He said the problem is not the dollar itself but the United States wielding the dollar as a tool of influence.

SOUNDBITE 1 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim
"In fact, the issue that disturbs the countries here is not the dollar itself. But it is the U.S. weaponizing the dollar as it holds the key points of the financial system in its hands and exerting pressure."

BRICS, a group of emerging economies that includes Brazil, Russia, India, China, and South Africa, is taking action. According to media reports, talks on creating a single currency within the bloc will be among the topics discussed at the upcoming BRICS Summit, which will take place from Aug. 22 to 24 in South Africa.

SOUNDBITE 2 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim
"Before the BRICS meeting, we heard that the alliance would launch its currency, an alternative to the U.S. dollar. Such information created a lot of excitement in Türkiye, as was the case in other parts of the world."

However, he added that BRICS still has a long way to go for this to happen.

SOUNDBITE 3 (Turkish): SANT MANUKYAN, Analyst with Is Yatirim
"We should not forget this: The role of the dollar is not limited to using local currencies when exchanging a product A for B. The dollar's significance is also very high in the insurance market. When you rent a tanker, you rent it in dollars. Therefore, the dollar's dominance will continue for a while when we look at the overall trade."

Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)