Society for Worldwide Interbank Financial Telecommunication

Business • Economy
Euro overtakes dollar as most widely used currency
Euro overtakes dollar as most widely used currency
Credit: unsplash.com / Omid Armin

For the first time in years, the EU's common currency has overtaken the dollar as an international currency. The British pound is by far the third most frequently used means of payment.

Following an evaluation of the Society for Worldwide Interbank Telecommunications (SWIFT) the demand for the euro as an international means of payment has increased significantly during the pandemic.

According to SWIFT, about 37.8 percent of all money transfers worldwide in October were in euros. This was six percentage points more than at the turn of the year. During the same period, the dollar's share fell by 4.6 percentage points to 37.5 percent.