DISINFO: US Dollar in decline for international transactions
SUMMARY
The process of de-dollarization began when the dollar began to be used as a sanctioning tool.
Until recently, the dollar was used for 70% of global transactions, now it is at 59%. In case of punishment of certain countries like for Iran, Russia and other countries, Venezuela and many others, finally the countries find alternatives.
RESPONSE
Recurrent pro-Kremlin narrative about the ongoing de-dollarisation of the world economy, the power rise of BRICS economies and an alternative common currency.
Contrary to the claim, recent data shows a modest, but increasing trend for Dollar use in world’s international transactions:
Data from the Society for Worldwide Interbank Financial Telecommunication, also known as SWIFT, showed an unprecedented 46% of foreign-exchange payments via the communications system involved the US dollar in July 2023, per Bloomberg.
It is true that the usage of the Chinese Yuan is increasing, as it reached 3% of world’s international payments, but this remains modest compared to the 24% of Euro or 46% of Dollar.
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