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USD Share of Global Payments Surges to Decade High – Swift

Global
SWIFT
Currency, Payments

(31 October 2024 – Global) The greenback’s share of global payments increased to 49.1 percent in August 2024, the most in 12 years according to newly released Swift data.

Over the last two years, USD usage in international payment transactions has jumped by nine percentage points. GBP represents 6.5 percent of payments handled by Swift, followed by Chinese RMB usage increasing from two percent in 2023 to 4.7 percent currently. the Euro’s share plummeted from 39 percent to 21 percent, the lowest in a decade as EUR trading, the second most used currency, now accounts for twice as few transactions.

The ever expanding group of BRICS nations, which represent almost 45 percent of the global population, continue to target a USD “de-dollarisation”, particularly in commodity based transactions such as oil by creating an interlinked network of commercial banks across BRICS member states.

“While US Dollar hegemony remains undisputed in the face of challenges by BRICS nations to unseat the established global reserve currency, it must be asked, what is happening to the Euro?” commented East & Partners Global Head of Markets Analysis, Martin Smith.

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