I need a dollar

At this CEO roundtable, we will discuss the opportunities and risks of de-dollarisation and its potential implications for the dollar-pegged, petrodollar-reliant economies of the Middle East.

About the event

Every so often an appetite surges for an alternative reserve currency—and an alternative market booms in predictions of the greenback’s imminent demise. For nearly three-quarters of a century the dollar has at a global scale dominated trade, finance and the rainy-day reserve portfolios of central banks. Yet high inflation, fractious geopolitics and the sanctions imposed by America and its allies on countries such as Russia have lately caused dollar-doubters to become vocal once again.

Most recently it was Luiz Inácio Lula da Silva, Brazil’s president, who on a recent visit to China called for emerging markets to trade using their own currencies. At the same time, a surging gold price and a fall in the dollar’s share of global reserves has roused other naysayers, who can also point to the recent admission by Janet Yellen, America’s treasury secretary, that over time using sanctions "could undermine the hegemony" of the currency.

However, the starting advantage of the dollar is immense. Between a third and a half of global trade is invoiced in dollars, it is involved in nearly 90% of foreign-exchange transactions; and about half of cross-border debt is dollar-denominated. It also still accounts for a 60% share of central-bank reserves. No other currency is close to matching this ecosystem’s size, or its fundamental appeal: the supply of safe assets available to dollar investors.

What is increasingly clear, though, is that individual countries can circumvent the dominant system if they really want to. And many do want to. Many no longer want to need a dollar.


Robert Willock

Director MENA of The Economist Group

Jeanne Walters

Senior Economist Global Markets and Treasury at Emirates NBD

Richard Boxshall

Partner and Chief Economist at PwC Middle East

Ziad Daoud

Chief Emerging Market Economist at Bloomberg LP

CA Dhaval Jasani

Founder and CEO of ZTI Consulting

Mohamed Bechri

Macro-Financial Advisor at USAID

Event details


Capital Club Dubai

Meeting room details will be shared upon successful registration.


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