Opinion
The rise of national currencies against dollar hegemony
Within the political, diplomatic, and ideological change and transformation in the global system, a monetary process is also taking place. For a long time under the US-centered Western hegemony, Western currencies were the most widely used money and reserves in the world. After the Second World War, the US dollar completely dominated the global economic and financial system. While the beginning of dollar hegemony in the world brought incredible privileges for the US, for the non-Western world it was a master-slave relationship. However, with the 2000s, a non-Western change and transformation on all fronts began to manifest itself in the monetary and financial sphere as well. While the dollar accounted for 72% of international reserves before 2000, it fell below 59 percent in 2023. With the Russia-Ukraine war, the rate of decline of the dollar in reserves increased 10 times more. The dollar in world reserves is now at its lowest level in 27 years. Again, while nearly 70 percent of global trade was carried out in dollars in the early 2000s, today it has declined to around 40%. Although the dollar is still the most widely used currency and reserve in the world, today it is in an indisputable decline. With this decline, the US, the only country in the world with the privilege of printing money, is today the most indebted country and nation in the world.
Especially with the Russia-Ukraine war, the dollar hegemony and the financial system built by the US entered a rapid breakdown process. Because the seizure of the currency reserves of non-Western countries by the US and Europe, the seizure of money, houses, cars, ships and airplanes of private enterprise, as well as the seizure of these reserves despite court rulings, created a great shock. At the same time, the exclusion of non-Western countries from the US-centered financial system was one of the developments that frightened the whole world. This is why the dollar and the Western financial system came to be seen as a dangerous and aggressive tool in the non-Western world. In fact, the use of the dollar as a weapon by American power was the most common type of attack on non-Western actors. In other words, this could happen to anyone who disagreed with Western actors. The rules-based liberal international order established by Western actors was, as usual, violated by the West. What happened showed that free capital and free finance, in other words liberal values, were pushed into a corner. This frightening scenario could happen at any time to all non-Western nations and states. As a result of these events, a new process has begun, especially in the non-Western world. It became a trend again for states to trade in their national currencies.
The yuan, the national currency of China, the world’s largest creditor and second largest economy, has taken the lead in this regard. The yuan became the most traded currency in Russia, while the dollar declined. China and Russia have managed to reach 80% of their trade payments in yuan and rubles. Israel, an indispensable ally of the United States, has added the Chinese yuan to its reserves while reducing the US dollar and the European Union euro. France became the first European country to use the yuan in its trade with China. The yuan was also used in trade between China and the United Arab Emirates. Moreover, it is foreseen that payments in the energy exchange between Russia and Pakistan will most likely be paid in yuan. In addition, Brazil and China started to trade in their national currencies. As a global breakthrough, the petroyuan alternative to petrodollars in Saudi Arabia could be activated at any moment. Even petroruble and petrorupee discussions are on the agenda. With this agenda, Saudi Arabia’s first action was to decide to sell oil in local currencies. Thus, Saudi Arabia signed an agreement to sell oil to Kenya in Kenyan shillings instead of dollars.
The Russian currency, the ruble, is now the dominant currency of the Eurasian Economic Union. Turkey, among many other countries, has started to use rubles in its trade. On the contrary, the trend towards the Turkish lira is on the rise on the Moscow stock exchange. It should not be forgotten that Turkey has also started using the yuan in its trade alongside the ruble. The Indian currency, the rupee, is quietly rising. India has signed agreements with 20 countries, including the UK, Germany, Israel, Russia and Singapore, to use rupees in trade. Bangladesh has also decided to use the national currency instead of the dollar with India. Finally, India announced an agreement with the United Arab Emirates to use rupees in trade.
Brazil, the giant power of Latin America, called for a transition to a national and common currency instead of the dollar in Latin America. Brazil and Argentina are working on a common currency. In addition, the Bank of Brazil became the first Latin American bank to join the Chinese payment system CIPS, one of the alternatives to the Western payment system. At the same time, the Brazilian Central Bank announced that the yuan has overtaken the euro to become the country’s second largest international reserve currency. Even Iran and Indonesia agreed to use their national currencies for trade. Let’s not forget that Iran is being paid for oil by India and China in rupees and yuan.
Non-Western global and regional organizations are also making critical moves in this regard. The Association of Southeast Asian Nations (ASEAN) has begun preparations to switch from dollars, euros and sterling to national currencies in financial transactions. Malaysia has also proposed an Asian Monetary Fund. The BRICS organization has also accelerated its efforts for a common currency. The Shanghai Cooperation Organization brought the use of national currencies to the agenda at its last summit. In fact, the total economic size of Asia, Latin America and Africa has surpassed North America and Europe. This has naturally increased interest in the national currencies of the emerging economies of these countries.
As you can see, the process of de-dollarization, or abandoning the dollar, is being followed with interest around the world and is highly accepted. Today, more than 60 countries and nations trade in their national currencies. While there is no doubt that this will increase day by day, it has become clear that we can no longer speak of the hegemony of a single currency. Autarkic and hierarchical American monetary policies have been a burden for non-Western nations and are no longer valid. Instead of a single Western monetary reserve dominating the world, a multi-currency reserve is desired. Therefore, the decline of the dollar hegemony is not only the rise of the yuan, but also the globalization of non-Western currencies, that is, the establishment of a non-Western multi-currency order, is the basic reality of the future. Of course, this process will be long and arduous.
Twitter: @umur_tugay
Opinion
Istanbul’s East-West Forum: A conversation the world can no longer avoid
Dr. Ahmed Moustafa, Director & Founder, Asia Center for Studies & Translation, Egypt
In a city that has spent centuries translating the language of one civilization to another, the first East-West Forum arrived at a moment when the world itself seemed to have lost the vocabulary for talking across its divisions.
Held in Istanbul on Sept. 26–27 and preceded by meetings around the event, the forum brought together diplomats, academics, journalists, strategists and political thinkers from a wide range of countries. Hosted by Harici Media in partnership with the Berlin-based European Transcontinental Initiative, the gathering was conceived as an attempt to examine a world increasingly defined by competing power centers, regional wars, economic fragmentation, artificial intelligence and the erosion of confidence in institutions created after the Second World War. Harici reported that participants came from roughly 30 countries.
For us, the significance of Istanbul was not simply a matter of the speakers on the panel or the structure of the programme. Its deeper importance lay in the willingness to put difficult — and sometimes uncomfortable — questions on the table.
We would like to extend our sincere thanks and appreciation to my friend and brother, Mr. Tunç Akkoç, Founder and Editor-in-Chief of Harici Media, for his gracious invitation to a representative of the Asia Center for Studies & Translation, Egypt, to participate in the Forum as a speaker and commentator. His initiative in creating a platform where competing geopolitical narratives could meet directly deserves recognition.
In his opening remarks, Akkos stressed that the initiative was intended to establish a permanent platform where people representing different political and intellectual traditions and perspectives could meet and engage in direct dialogue.
This vision is particularly significant because the traditional language used in international relations has increasingly struggled to explain the realities of a rapidly changing world.
The Problem of Proxy Wars
During the session that discussed proxy wars in the region and ways to reach solutions to their crises, the Center put forward the view that the Middle East cannot simply be understood through the traditional map that divides the parties into “good” and “evil,” or into “responsible states” and “rogue states.”
Such terms, in our assessment, often reflect the perspective of powers that possess extensive influence over international media and financial and security institutions.
The Center particularly criticised what we see as political bias within important sectors of the Western media and some non-governmental organisations that receive Western funding. From our perspective, these institutions can, in some cases, move from being mere observers of geopolitical conflicts to becoming influential parties in the battle over the narrative and the story.
However, this view should remain open to debate and should not automatically be accepted as an absolute truth.
The more important question is not whether every Western journalist, every NGO, or every Western institution works to serve a single geopolitical agenda clearly, this is not the case, but whether the information environment itself has become so highly polarised that the public is now receiving radically different interpretations of the very same war.
In our assessment, the answer is increasingly approaching “yes.”
The problem becomes particularly clear when searching for the term “proxy wars” in the Middle East. Some of the first results focus on groups associated with Iran, including Hezbollah and the Houthis, as well as Hamas, whereas the history of regional conflicts is far more complex.
Al-Qaeda and ISIS emerged through different historical trajectories, with Anglo-Saxon support that was “created by Britain and the United States.” In environments dominated by the United States and Britain, Al-Qaeda emerged from the environment associated with Osama bin Laden and the Afghan jihad, while ISIS developed largely from Al-Qaeda in Iraq, under American sponsorship, to pursue a certain agenda in the region and advance the scenario of “creative chaos” promoted by Condoleezza Rice, the radical US Secretary of State.
At the same time, US policy toward Afghanistan during the Cold War contributed to shaping the broader environment from which some militant jihadist movements later emerged.
These distinctions matter.
Because propaganda often begins where complex historical details end.
Who Has the Right to Define a “Rogue State”?
The same problem appears in the vocabulary used to describe states.
Countries such as China, Russia, Iran and North Korea are frequently portrayed in Western strategic discourse as states challenging the existing international order.
Egypt, despite the different nature of its relationship with Washington, can also become the subject of criticism when its foreign policy does not conform to certain Western expectations.
The question is not whether these governments should be exempt from criticism. Of course not.
The deeper question is this: can the international system remain sustainable when one geopolitical camp increasingly assumes the authority to define which governments are legitimate, which movements are terrorist, which wars are defensive and which forms of resistance are acceptable?
That was one of the central questions behind our intervention in Istanbul.
The Middle East has repeatedly been presented through the lens of the “Iranian threat” as the principal strategic danger.
There is no question that Iran possesses significant military and regional capabilities, and that its policies are deeply contested by many neighbouring states. At the same time, reducing virtually every regional security problem to Tehran can obscure the interests and roles of other actors, including Israel, the United States, Gulf states, armed groups and local political forces.
The region has repeatedly paid a heavy price for simplistic interpretations of complex conflicts.
The Economics of Fear
The discussions in Istanbul also led us to a broader American question: to what extent can fear itself become a source of political and economic power?
Historically, the United States has experienced intense political campaigns shaped by perceived racial, ideological and security threats.
One does not need to accept every interpretation of this history to recognise that fear can become a factor with tangible economic consequences.
A 2020 study by Citi estimated that racial discrimination against Black Americans had cost the US economy approximately $16 trillion in lost economic output since 2000, based on an analysis of disparities in wages, education, housing and investment.
This figure demonstrates the extent of the economic losses associated with racial discrimination and exclusion. It also raises questions about the relationship between fear-based narratives concerning Black Americans, media influence, the political power of the gun lobby and the broader economic consequences of insecurity.
More importantly, however, the study highlights a fundamental point: bias and insecurity carry substantial and measurable economic costs.
The broader lesson has direct relevance to foreign policy.
When societies are continually presented with existential enemies, military spending and the expansion of security institutions become politically easier to justify.
America After Iran
In Istanbul, we also advanced the view that the United States after its confrontation with Iran in 2026 should not simply be understood through the traditional image of unlimited American power.
The conflict exposed economic and strategic vulnerabilities.
The Strait of Hormuz emerged as a major strategic pressure point for global energy markets, amid disruptions to international trade that forced governments and companies to search for alternative routes and supplies.
The consequences were reflected in oil prices and energy costs in Europe and elsewhere.
This does not mean that American power has disappeared. Rather, it suggests that military power is no longer synonymous with strategic control.
The rise of China, Russia, ASEAN, Iran and other centres of economic and diplomatic influence has made the international order increasingly complex and dispersed.
The East-West Forum itself reflected this reality, bringing together voices from Europe, Asia, the Middle East and North America while explicitly addressing multipolarity and the ongoing transformation of the global order.
America Is Changing From Within
The domestic dimension of American politics also deserves attention.
The emergence of figures such as Zohran Mamdani in New York and Abdul El-Sayed in Michigan reflects changes in the American political debate over inequality, foreign policy, healthcare, identity and the influence of established political and economic interests.
Their political trajectories should not be treated as evidence of a predetermined future for the United States.
They do, however, illustrate how issues that were once treated as peripheral including the costs of war, US policy toward Israel, economic inequality and the political influence of younger and more diverse generations have moved closer to the centre of American political debate.
This is another reason why East-West dialogue cannot remain confined to foreign ministries and military institutions.
A Dinner for Dialogue
One of the most memorable moments on the margins of the Forum was the private dinner held on the evening of Friday, September 25, hosted by H.E. Mr. Hasan Capan, Chairman of the Turkish-Chinese Friendship Foundation, and H.E. Ambassador Ersin Erçin, Vice Chairman of the Foundation, in honour of the speakers and participants.
We extend our sincere thanks and appreciation to both of them for their generosity, friendship and support.
The gathering was more than simply a dinner. It provided an opportunity for personal interaction, an exchange of ideas and the building of relationships among participants — precisely the kind of human diplomacy that formal conferences sometimes lack.
Real dialogue does not always begin behind conference podiums.
Very often, it begins around a single table.
Istanbul’s Larger Message
The first East-West Forum should be regarded as the beginning of a dialogue, not the end of a debate.
The organisers have already articulated a vision of transforming the initiative into an annual gathering in Istanbul, developing expert working groups, establishing an East-West Forum network and potentially creating a business council capable of connecting intellectual dialogue with economic cooperation.
This may ultimately prove to be one of its most important contributions.
The world that emerges from the current conflicts including the crisis surrounding the Strait of Hormuz will require more than ceasefire agreements.
It will require a new conversation about security, energy, sovereignty, development, technology and coexistence.
Istanbul is an exceptional setting for such a dialogue. One participant even proposed moving the headquarters of international organisations, including the United Nations, to Istanbul.
For centuries, the city has stood between two continents without belonging exclusively to either.
The East-West Forum can follow the same principle: not choosing one civilisation against another, but creating a space in which East and West can confront their differences without turning disagreement into permanent conflict.
For this reason, we see the Istanbul gathering as an announcement of intent.
It was not an attempt to erase differences.
It was an attempt to make dialogue possible despite them.
At a time when proxy conflicts increasingly risk evolving into direct confrontations, this may be among the most important political conversations the world can undertake today.
Opinion
A new world in the East, old dogmas in the West
Much commentary followed the US president greeting the visiting Chinese leader at the foot of the aircraft stairs: both because a US president had not done so in many years, and because the leader he welcomed heads a state that the US defines as a competitor, an adversary, and an enemy. That photograph demonstrated that the US itself now recognizes China not merely as an economic power, but as a political, military, scientific, industrial, and technological one; yet it revealed other realities as well.
It showed that a multipolar order has arrived. It showed that the failure of the US to abide by the order whose rules it laid down and whose institutions it established has exacted a heavy toll on the US itself. It showed that the US-centric Atlantic system is unravelling. It showed that the collapse of a world order flouted, and indeed subverted, by its own rule-maker is both legitimate and inevitable. It showed that East-centred institutions, such as the Shanghai Cooperation Organisation and BRICS, enjoy an open path against Western-dominated bodies. It showed that the US regards China as a rival not merely economically, but ideologically and technologically. It showed that the US has proven unable to exercise deterrence against China, Russia, and Iran to the degree it desires.
Let us admit it: after the Cold War ended, the US assumed it could act as it pleased by bringing the European Union to its side and constantly invoking human rights, democracy, and freedom. It was mistaken. The more it spoke of a rules-based world order, of a liberal world order, the more it flouted those very rules. In the end, that order collapsed as well. The birth of a multipolar, multilateral, and multicentric world accelerated; and it was just as well. Now is the time to debate the rules, institutions, traditions, and solutions of this new order.
Yet who will conduct this debate? Who will take part in this search?
It is not right to expect this from the US; nor is it realistic. It is likewise impossible to expect it from the European Union. Europeans follow so subserviently in Washington’s wake that they refuse to consider even Russia as European, despite the fact that, alongside its Eurasian identity, millions of its citizens live across territory spanning Europe and Asia while viewing their nation as historically, politically, socially, culturally, artistically, and intellectually European. They attempt to construct a European defence and security architecture by excluding Russia, in defiance of Russia, and by harbouring hostility toward Russia. In the end, they are both mistaken and defeated.
As the new order emerges, India must also be examined under a distinct heading, alongside China and Russia. For India is a nuclear power possessing the world’s largest population and its 5th largest economy. It maintains disputes with China and Pakistan, yet enjoys good relations with Russia, the US, and Britain. It is a member of both the SCO and BRICS. On the other hand, within the Quad grouping, alongside the US, Japan, and Australia, it positions itself against China.
In summary, as an order takes shape in which the West runs out of breath while the East rises, and Atlantic institutions dissolve while those of Eurasia and the broader Global South come to the fore, we must first rid ourselves of Cold War dogmas and habits.
Opinion
Neither Turkic states heed us, nor does anyone ask us on Syria
At the NATO summit held in Ankara last month, US President Donald Trump made promising remarks to Türkiye regarding the lifting of CAATSA sanctions, clearing the path for the sale of F-35 fighter jets to Türkiye, and supplying the engines required for the domestic Kaan aircraft. He has yet to keep his word.
This is quintessential Trump. He is neither a reliable nor a predictable leader. He approaches diplomacy like a merchant. In bargaining, he opens with the highest possible bid. Rather than institutional consultations, negotiations, formal diplomatic channels, and classical statecraft, he favours personal ties, bilateral encounters, and leader-to-leader diplomacy. He is notoriously erratic. A figure he praises one day, he drags through the mud the next, humiliating, scolding, and even insulting them.
US moves in the Mediterranean
Failing to honour the promises made to Türkiye, the US eased and partially lifted the arms embargo it had enforced on the Greek Cypriot Administration (GCA) since 1987 in 2020, before abolishing it entirely in 2022. Not content with this, the US signed a military cooperation agreement with the GCA in 2024 and hosted its leader at the White House. The GCA, whose path to acquiring weaponry from the US was cleared in 2024, has also recently been deepening its relations with France. Even though two British sovereign bases already exist in the southern part of Cyprus, with the US utilizing them whenever necessary, both the US and France signed separate basing agreements with the GCA. The GCA’s relations with Israel are also remarkably sound, as are those with Qatar. Meanwhile, relations between Greece and France have been exceptionally warm in recent years.
Amid all these tangible developments, Türkiye has largely relinquished its vigilance regarding the Blue Homeland. Drilling vessels and seismic survey ships have been withdrawn from the eastern Mediterranean.
The most distressing of these developments has been that four Turkic states in Central Asia (Kazakhstan, Uzbekistan, Turkmenistan, and Kyrgyzstan), none of which officially recognize the Turkish Republic of Northern Cyprus (TRNC) as a state, expanded their ties with the GCA and opened embassies in exchange for European Union financial assistance. Through this recognition, by acknowledging the Greek Cypriot Administration as the sole representative of the entire island under the name of the Republic of Cyprus, they effectively rejected the existence of the TRNC, whatever they might claim to the contrary.
Whatever anyone may say, and from whichever angle one evaluates it, the conduct of these four friendly and brotherly states cannot be explained merely by their lack of loyalty or their disregard for Türkiye’s sensitivities on this matter. Alongside this, one must acknowledge the failure of Turkish foreign policy. If Türkiye cannot convince even fellow Turkic states, let alone others, on an issue where its position is most legitimate and justified, such as Cyprus; if, far from persuading them, it cannot prevent them from cultivating relations with the GCA and opening embassies, this represents a monumental failure on the part of Turkish foreign policy.
Moreover, the failure in the Mediterranean is not confined to Cyprus. There is more.
Who is sidelining Türkiye in Syria?
Türkiye is persistently excluded from European-organized meetings on Syria. Türkiye’s views are not sought. So much so that even Qatar, our closest ally in the Arab world, on whose soil we established a military base and to whom we sold major assets, does not hesitate to take part in initiatives that exclude Türkiye from energy projects in the Eastern Mediterranean, or to cooperate with Greece and the Greek Cypriot Administration.
Much has changed in Syria since the days when Ahmet Davutoğlu, former prime minister, former foreign minister, former AKP chairman, and leader of the now-dissolved Future Party, carried away by his own momentum, declared: “Not a bird can fly in the Middle East without our knowledge”, “We know the Middle East street by street, inch by inch”, and “We are the masters, pioneers, and spokesmen of the emerging Middle East”, all while eagerly seeking to act as a subcontractor on behalf of the US. The regime has changed. The government has changed.
So let us ask: did we get what we wanted?
Israel, which most recently struck Abu al-Duhur Military Airbase east of Idlib in northern Syria; Israel, a backer of the PKK-PYD-YPG terrorist organization; Israel, which usurped Syrian land in the Golan Heights, attacking Syria and rolling in its tanks whenever it pleases; Israel, which seeks to partition Syria into four entities (Kurdish, Alawite, Arab, and Druze): Israel got what it wanted. And it continues to do so.
Does Israel, which directs scathing rhetoric at Türkiye, fortified by immense US backing and sustained by Europe’s three major powers (Germany, Britain, and France), draw this audacity solely from the imperialist powers standing behind it? Or does Türkiye’s inefficacy in the Turkic world and across the Arab sphere, alongside that backing, also embolden Israel?
In answering this question, we will arrive at a far more accurate assessment if we take into account the depth of Israel’s relations with Azerbaijan.
-
Europe5 days agoEuropean unions urge governments to scrap all Palantir deals
-
Diplomacy5 days agoEast-West Forum in Istanbul highlights irreversible shift to multipolarity
-
Europe1 week agoEmmanuel Todd says West faces collapse amid Ukraine and Iran crises
-
Europe1 week agoEuropean intelligence chiefs divide over risk of Russian attack
-
Diplomacy1 week agoEast-West Forum in Istanbul to debate multipolarity and global order
-
Middle East1 week agoSharaa says 7 October must not shape Israel policy on Syria
-
America1 week agoRepublican support for Trump’s war with Iran drops sharply in polls
-
Middle East1 week agoPalestinian factions confront legitimacy crisis at Istanbul talks
