In December 2024, the share of the dollar in global interbank settlements set a historical record of 49.2%.
The American dollar continues to strengthen its position as the world’s leading trading currency, despite Russian dictator Vladimir Putin’s claims that countries around the world appear to be abandoning the US currency en masse. The Moscow Times reported this on Thursday, January 23, citing data from the international payment system SWIFT.
Thus, in December 2024, the share of the dollar in global interbank settlements set a historical record of 49.2%. Compared to November, the frequency of use of American money increased by another 1.4% compared to the beginning of 2022 – by 7.3%, and when compared to the beginning of 2014 – by almost 10%.
The share of all other major currencies fell, with the euro used in 21.7% of trade transactions, down 0.5% from the month before. Over 10 years, the European currency lost almost a quarter of the world trade market: at the beginning of 2015, its share was 28.3%. The yuan share fell to 3.75%.
The dominance of the dollar in the financial markets remains almost total, as follows from SWIFT data: in exchanges around the world, 89% of transactions are carried out in American currency, and the euro is used in 6.5% only transactions.
The SWIFT statistics came to light shortly after Putin reiterated that the share of the dollar in the world economy was declining and that there seemed to be a massive migration of countries to alternative currencies. The Joe Biden administration has “done a lot to undermine the fundamentals of the dollar” as it has been used “as a tool of political and perhaps even armed struggle” against Russia, he argued at the forum Russia is calling in December.
Earlier, Russian Foreign Minister Sergei Lavrov saw a “flight from the dollar.” The Americans “seriously cut off the branch on which they are sitting,” the Russian minister believes.
Also in Russia they announced a “loss of confidence” in the dollar, and at the same time in the euro and pound. The head of the Russian Ministry of Finance, Anton Siluanov, believes that all these currencies are “a completely unreliable instrument.”
Meanwhile, the United States believes that neither Russia nor China can avoid cooperation with the dollar.
Source: korrespondent
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