News - Middle East: Alexei Mozhin, the Executive Director representing Russia at the International Monetary Fund (IMF), has raised concerns about the possibility of the current global monetary system collapsing.

He said in an interview with the Novosti agency: "Is there a possibility of the collapse of the global monetary system? It seems to me that such a possibility does indeed exist."

The expert mentioned that the current system relies on trust in the safety of dollar assets, but central banks, institutions, and even households have already begun selling dollar assets and buying gold due to increasing distrust in their safety.

Mozhin cautioned about potential chaos in the global economy, saying, "Once this trust is lost, a period of chaos will ensue in the global economy."

In April of the previous year, the IMF warned in its Financial Stability Report that the debts of both the United States and China pose significant risks to global finance.

The increasing US public debt and the global dependence on the dollar for trade have raised concerns among experts and several countries worldwide.

Recent data released by the Treasury Department indicates that the US budget deficit surpassed one trillion dollars in the first six months of the fiscal year, partly due to the rising interest payments on public debt.