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In 2023 CBDCs struggled to find their raison d’être. Other currencies floundered too.

In 2023, Mesirow Currency reported on efforts to diminish the importance of the US dollar in international transactions and to reduce its position as the dominant central bank reserve currency. We also described the decline of three currencies – the Turkish lira, Argentine peso and Russian ruble – and the spread of central bank digital currencies. Early in the new year, what is the status of those currencies?