"According to the IMF, global currency reserves are at $7.1 trillion and $2.5 trillion euros now. These reserves are devalued at an annual rate of about 8 percent. Moreover, they can be confiscated or stolen any time if the United States dislikes something in the policy of the states involved....
According to analysts' estimates, conversion of global reserves will begin just because there is no room for them with such shortages. They will be converted from weakening currencies into real resources like food, energy commodities, and other raw materials. Other countries will be doing this, of course. Obviously, this process will further fuel global dollar inflation."
June 17th, 2022, Russian President Vladimir Putin.