SWIFT System: US dollar dominance reaches new heights in July


The use of US dollar in global payments reached a record level in July, the Swift system reported.

Dollar transactions took a share of 46%. Statistics have been maintained since 2010 on the basis of about 200 million transactions. It does not cover all the flows, but it gives the largest view of the market. The increase in the dollar’s share in Swift was largely due to the euro. Last month, the share of the European currency in transactions was the lowest in the entire history of observations ― just under a quarter. The euro occupied the largest share 11 years ago ― 46% ― but since then it has rarely approached the dollar, the last time a European overtook an American in May 2021.

Other currencies account for 30% ― pound, yen, yuan. The Chinese currency is showing growth, but is still low ― since 2010, its share has increased from 0.03% to 3% of transactions in Swift. China has its own CUPS transfer system with a presence in 110 countries around the world, but it has 10 times fewer partners and 100 times fewer transactions than Swift.

By: Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to leah.kunze@economicinform.com

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