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US dollar to lose reserve status if Congress rejects Iran deal: Kerry
US Secretary of State John Kerry has warned that the dollar’s status as the global reserve currency could be threatened if Congress rejects the nuclear accord with Iran.
"If we turn around and nix the deal and then tell them, 'You're going to have to obey our rules and sanctions anyway,' that is a recipe, very quickly ... for the American dollar to cease to be the reserve currency of the world," Kerry said Tuesday at a Reuters event in New York City.
The top US diplomat said if American lawmakers prevent the Obama administration from implementing the nuclear agreement, it could put Washington at odds with European allies, China and Russia.
“The notion that we can just sort of diss the deal and unilaterally walk away as Congress wants to do will have a profound negative impact on people's sense of American leadership and reliability," Kerry noted.
Currently, there are only four currencies that are counted by the International Monetary Fund (IMF) as major reserve currencies that can be used in international transactions: The US dollar, the euro, the British pound and the Japanese yen.
PressTV-Rejecting Iran deal erodes dollar: Kerry
US Secretary of State John Kerry has warned that the dollar’s status as the global reserve currency could be threatened if Congress rejects the nuclear accord with Iran.
"If we turn around and nix the deal and then tell them, 'You're going to have to obey our rules and sanctions anyway,' that is a recipe, very quickly ... for the American dollar to cease to be the reserve currency of the world," Kerry said Tuesday at a Reuters event in New York City.
The top US diplomat said if American lawmakers prevent the Obama administration from implementing the nuclear agreement, it could put Washington at odds with European allies, China and Russia.
“The notion that we can just sort of diss the deal and unilaterally walk away as Congress wants to do will have a profound negative impact on people's sense of American leadership and reliability," Kerry noted.
Currently, there are only four currencies that are counted by the International Monetary Fund (IMF) as major reserve currencies that can be used in international transactions: The US dollar, the euro, the British pound and the Japanese yen.
PressTV-Rejecting Iran deal erodes dollar: Kerry
