The expert explained the reasons for the decline in the dollar's role in global reserves.

The dollar's share in international reserves is declining amid growing concerns about countries' dependence on the American financial system and the gradual transition to a more multipolar currency model. Fyodor Sidorov, a private investor and founder of the School of Practical Investment, told Izvestia on January 19, commenting on the current changes in the structure of global foreign exchange reserves.

"The main reason is the reaction to what the Western press calls the "arming of the dollar." The freezing of Russian reserves and disconnection from SWIFT in 2022 became a turning point: many countries realized that dependence on the dollar system creates sovereignty risks," the expert explained.

According to him, economic reasons also have an additional impact. Sidorov noted that for the first time in almost two decades, borrowing in yuan turned out to be cheaper than in dollars due to the difference in interest rates. This encouraged companies to switch to alternative currencies even without political motivation. At the same time, China, India and the BRICS countries are actively developing their own payment systems, which simplifies payments in national currencies and reduces the role of the dollar in foreign trade.

The expert stressed that there are risks of increased volatility in the foreign exchange markets, but they should not be overestimated. In the first half of 2025, the dollar actually fell by 11%, showing the strongest decline since 1973. At the same time, analysts at the International Monetary Fund point out that a significant part of these fluctuations were related to exchange rate movements, rather than a large-scale sale of dollar reserves.

According to Sidorov, the transition to a multipolar monetary system will be lengthy and will take years. Despite the reduction in the share, the dollar still retains key advantages — high liquidity, depth of capital markets and the absence of strict currency restrictions. According to him, the euro remains at the level of about 20% of global reserves, while the share of the yuan does not exceed 2% so far.

"So it's more about a slow diversification of risks than an abrupt paradigm shift," the expert concluded.

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On the same day, The Kobeissi Letter analytical resource reported that the share of the US dollar in global foreign exchange reserves has fallen to 40%, which is the lowest value for at least the last 20 years. It is specified that over the past 10 years, this share has decreased by 18 percentage points.

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