WASHINGTON: Countries are making efforts to move away from the US dollar, but have yet to find a currency that could substitute or at least compete with it, renowned American investor Jim Rogers told Sputnik.

"So far, the world hasn't found something to replace or even compete with the dollar," Rogers said. "The Chinese currency, sure you would think, but the Chinese don't let you buy and sell the currency, it's not completely converted... Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar. It will happen."

In early May, International Monetary Fund Managing Director Kristalina Georgieva said that she does not see an alternative to the US dollar in the near future even as more and more countries have started switching to national currencies in trade.

"Yes, the world is trying to accelerate its move away from the US dollar, and obviously bigger countries have more influence in doing that and more reason to do it faster than other countries," Rogers said. "So, many countries... are trying to figure out what do we do to find something to replace the US dollar or to compete with the US dollar."

In response to sanctions, Russia has accelerated efforts to switch to national currencies in trade. In February and March, the yuan replaced the US dollar as the most traded currency in Russia.

In April, the International Monetary Fund said the US dollar has depreciated since October 2022 but remains stronger than it has been since 2000.

The same month, World Bank President David Malpass said that the US dollar's dominance has been put into question by competitors such as blockchain technology and the Chinese yuan.

-- BERNAMA