After an online speech at the BRICS summit in Johannesburg, where Putin announced “irreversible de-dollarization”, some economic analysts predicted a weakening of the dollar. After the expansion of the block by six new members, such a prospect was theoretically possible. However, a day later, one of the leading international payment systems SWIFT released data on the share of the dollar in world trade, which clarified the situation.
Records and anti-records
SWIFT has conducted detailed statistics covering about 200 million transactions. The system provides results once a year.
Over the last ten years, the dynamics are as follows:
– July 2013 – about 30% of transactions in the world are made in American currency;
– July 2023 – 46% of transactions respectively.
That is, the share of the dollar in world trade during this period increased by 50%. The process will continue to be globalized.
C stands for “constancy”
This year, Putin announced “irreversible de-dollarization”, which is gaining momentum. Last year, he said that the dollar usage had already begun to decline. However, is there a natural alternative to the dollar now?
Survey data show that Russians themselves have less confidence in the euro than in the dollar. Perhaps this is due to the fact that the euro is a much younger currency. It arose after the formation of the European Union, which is perceived by many as an uncertain political project compared to the stable USA.
BRICS periodically raises the issue of introducing a new currency that would be used in member countries of the bloc, but the matter has never reached the stage of implementing such an idea or at least discussing this project.
