BRICS: Global US Dollar Payments Fall Below 50%
There is no doubt that the US dollar dominates global payments but the scale and size of its transactions are shrinking lately. A handful of developing countries are cutting ties with the US dollar accusing the White House of weaponizing the currency. BRICS kick-started the de-dollarization agenda to challenge US supremacy and bring the dollar down from the world’s reserve currency status. Also Read: Top Economist Predicts the Future of BRICS Currency The initiative seems to be working as global payments in the US dollar dipped below 50% in October 2024. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Countries React to Trump’s 100% Tariff Threats BRICS: Payments in the US Dollar Dip to 47% in October 2024 Source: stock.adobe.com The latest data from the SWIFT payment messaging system shows that the global share of transactions in the US dollar has fallen to 47% in October 2024. The Euro comes second at 23% whil...