For the first time since February 2013, the euro has become the leading currency in the SWIFT system, as this currency has the largest number of transactions. This is reported by Bloomberg, referring to the information provided by SWIFT for October.
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In October, 37.82% of interbank transactions in euro were conducted in the SWIFT system. This is 6% more than at the beginning of 2020. The share of transactions made in dollars is 37.64% of the total. The largest number of transactions in dollars was made in April 2015, when 45.3% of all transactions in the SWIFT system were made in dollars.
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According to Bloomberg, the main reason why the role of the dollar in interbank payments is declining is the depreciation of the currency, while, for example, the euro is in a much more stable position this year.
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The third most popular currency in the interbank payment system in October was the British pound, the fourth – the Japanese yen, and the fifth – the Canadian dollar, which squeezed the Chinese yuan from the top five.
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In October, only 1.66% of transactions were made with the Chinese yuan, the worst figure since April 2020.
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SWIFT, an interbank information transfer and payment system, handles international money transfers between 11,000 financial institutions in 200 countries around the world.
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