The share of the dollar, the most popular currency, increased to 47.68% from 47.04%, while the euro and pound sterling, on the contrary, decreased to 22.29% and 7.27%, respectively.
The yuan rose one position in November 2024 to become the world’s fourth most used currency in global payments. Compared to October, China’s national currency share increased to 3.89% from 2.93%. In October, the yuan was in fifth place, where it displaced the Japanese yen in November – its share fell from 3.91% to 3.44%. This is proven by SWIFT data.
There were no changes in the top three most popular currencies for international payments – the US dollar leads, followed by the euro and pound sterling.
According to SWIFT monitoring data, the share of the American currency increased to 47.68% from 47.04%. The shares of the euro and pound sterling, on the contrary, fell – to 22.29% and 7.27%, respectively.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) – an international financial messaging system established in 1970. In Russia in particular, SWIFT has long been the main channel for banks to facilitate cross-border payments and financial transactions.
After the introduction of sanctions in 2022, due to the illegal invasion of Ukraine by the Russian Federation, a significant part of Russian banks was disconnected from the system. The Russian analogue of SWIFT is the national financial messaging system (SPFS), to which European companies are prohibited from connecting as part of the 14th package of EU sanctions.
It was previously reported that problems in negotiations with Chinese partners worsened in Russia in August.
SWIFT will test transactions in digital currencies
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.