In an interview with RIA Novosti on Wednesday, the head of the Philippines central bank, Felipe Medalla, said the US dollar’s dominant position in the world will now gradually decline as time passes, given current realities in the global trade environment.

Medalla said the time had come for the creation of a multi-currency world, even though the dollar still enjoys a global advantage due to the enormous demand for US government bonds.

On the sidelines of the IMF-World Bank’s Spring session in Washington, Medalla said to RIA, “We want a multi-currency world, but so far other currencies do not have the necessary international markets to support. This is the advantage of the US dollar – there’s a very large market for government securities.”

He went on to predict, “I think over time the dollar will be less and less dominant.”

As more and more nations have been seeking alternatives to trading internationally in dollars, the de-dollarization of the global trade environment has only been gaining momentum. It is a process which has only been aided by the foreign policy coming out of Washington, which has sought to weaponize the dollar as well as access to Western financial tools. However it has only driven those so targeted to create alternative systems, and those who fear potentially being targeted in the future to join them.

Recently, Russian President Vladimir Putin echoed these sentiments, when he noted that the policies of Western states have grossly undermined the supremacy of the dollar and euro in international settlements, and that as a result the dollar will inevitably lose its leading position in global trade settlements.

Last year, the dollar’s share of global foreign exchange reserves extended a two-decade decline, as if fell to 58.36%, according to the latest data from the IMF. It marked a 0.44% decline, which was the biggest decline in any currency in the composition of official forex reserves the IMF tracks.