Data from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) showed that the proportion of cross-border financial transactions involving the euro fell to 31.74% of all such transactions in April, from 32.64% in March.
On the other hand, the use of the dollar rose to 42.71% in April from 41.74% in March.
Despite the recent decline in the share of the single European currency, it remains the second currency in the world used for payments via the “Swift” system of international transfers.
As for the Japanese yen, after increasing its share in international payments last March, this share returned and fell in April to 3.51%, against 4.78% in March.
And the dollar continues to increase its share in international payments, even after the collapse of many American banks and concerns about non-payment by the United States of America in light of the dispute over raising the ceiling of the debt.
In recent times, calls have intensified to end the dollar’s dominance in the global economy, after its value rose sharply against other currencies in the current year.
Invitations have also increased given the dissatisfaction of some countries with the use of green currency as a political weapon rather than a global trading currency.
The BRICS bloc, which includes Brazil, Russia, India, China and South Africa, is moving aggressively to rid itself of the dollar in its inter-trade transactions.
China, India and Russia have already started to settle their trade in their own currencies, and Saudi Arabia is considering selling oil to China in yuan.
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