Answer to Question #266376 in Economics for Nalyn

Question

It is about time to change the USD as our universal universal currency based on the Bretton wood system?

Answer 1

The U.S dollar was officially crowned the world's reserve currency and was backed by the world's largest gold reserves thanks to the Bretton Woods Agreement.

While we believe the dollar's role as the world's reserve currency will remain intact for the foreseeable future, its value will rise and fall with changes in the economic fundamentals. Since its peak in March 2020, the dollar has dropped by about 11%. Finally, the dollar remains a safe-haven asset.