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For the first time in 7 years, the euro has surpassed the dollar in global payments

As shown by SWIFT data for October of this year, the euro has become the most used currency in global payments, for the first time since 2013, displacing the dollar from the leading position.

The volume of the euro in global payments has surpassed the volume of the US currency. Transactions in dollars accounted for 37.6% of the total volume, while transactions in euros accounted for 37.8% of all payments.

For comparison, in March the share of transactions in dollars was 45%. Bloomberg experts believe that the decrease in the volume of payments in dollars is associated with political instability and the fall of the global economy due to the negative consequences of the spread of coronavirus infection around the world.

According to Bloomberg, the dollar has depreciated 11% against a basket of major currencies compared to its rate in March. The third position in terms of share in global payments was taken by the pound sterling. The yen is in fourth place, and the Canadian dollar is in fifth.

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