EURO outplayed DOLLAR as payment currency

Dollar has it’s own identity in global financial market. Governments and Companies are using their payments through dollar. Exports and imports of any nation valued under Dollar.

The name used in 20 nations as part of their currencies. There is no competition for the currency Dollar. Even in good olden days Russian Ruble and British Pound are nearer competitors to Dollar. Now for the first time Euro beats Dollar as payment currency since 2013.

Society for Worldwide Interbank Financial Telecommunications (SWIFT) is used for Electronic Funds Transfers. SWIFT has released data which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, showed the European Union’s single currency and the greenback were followed by the British pound and the Japanese yen. According to SWIFT, 37.82% of cash transactions handled in Euro currency in October month. Dollar contributes to 37.64% of SWIFT transfers. Around half-of the International Loans and global debt securities are denominated in US Dollar.

The usage of Dollar has fallen about 4.6% from December last year. What are the reasons for dollar downfall? Trade upheaval, a pandemic-induced recession and political disharmony renewed the pressure to reduce the share of international payments in dollars. US currency has weakened more than 11% from it’s March peak. The British, Japanese and Canadian currencies together held 12.25% of transactions in October. The Chinese Yuan share also fell to 1.66% of transactions which is worst performance since April. The Canadian dollar overtook China’s Yuan for the fifth spot.

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