SWIFT notes record growth of international settlements in US dollar

According to information from the worldwide interbank system SWIFT, the percentage of US dollar used in international settlements grew to 48.03% in August 2023 from 46.5% in July. This is the highest percentage in the five years that statistics have been kept.

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SWIFT notes record growth of international settlements in US dollar © The Strategist

The percentage of the euro decreased from 24.42% in July to 23.2% in August. For the period that statistics for the global system were being compiled, this is a record-low figure for the euro.

The British pound, whose share in foreign transactions dropped from 7.63% in July to 7.14% in August, holds third position in the ranking of the most used currencies.

Following that are the Chinese yuan (a record 3.47% in August and 3.06% in July) and the Japanese yen, whose shares increased from 3.06% to 3.68%.

source: bloomberg.com

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