Currency Usage for Cross Border Payments

Currency Usage for Cross Border Payments

A new IMF report examines the use of alternative currencies for cross-border payments.

The Fund’s experts believe that although a complete shift away from payments in US dollars or euros should not be expected in the near future, in the medium and long term, the international financial system will face fragmentation and an increase in the use of alternative means of payment, primarily digital currencies.

Based on the analysis of the databases of the SWIFT system on cross-border payments, the IMF identifies 3 main factors affecting the use of certain currencies for cross-border payments:

1. inertia of counterparties;

2. the status of the currency as legal tender;

3. political factors, in particular, the growth of geopolitical risks and relations between countries.

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