AhlulBayt News Agency (ABNA): Swiss bank UBS warned that the world's wealthiest individuals are reducing their reliance on the dollar due to geopolitical tensions and rising U.S. debt.
According to a survey conducted by the bank, two-thirds of wealth management firms expect confidence in the dollar as a global reserve currency to decline over the next 12 months.
About half of the institutions also believe their current investment in the dollar is excessive and are seeking to diversify their asset portfolios. This comes as, in recent years, many large institutional investors have gradually reduced their dependence on the dollar due to concerns about its weakening role as a global safe haven.
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