reserve

His government has been forced to spend its dwindling reserves of dollars defending the peso.

To be sure, gold prices are getting support from global central banks buying the metal for their reserves, while no sovereign entity views silver as a neutral reserve asset.

Ecuador dollarized successfully in 2000 despite being in the middle of a political and banking crisis, with a shortage of reserves at its central bank.

Milei's government has tried to stabilise the situation, but the moves have drained the country's reserves a few months before billions in debt payments will come due.

Similarly, in the Pacific, interdiction by submarines and aerial mining of trade routes effectively depleted Japan’s fuel reserves by the war’s end.