Briefing
What Is SWIFT, and Could Sanctions Impact the U.S. Dollar's Dominance?
Abstract: The recent removal of Russian banks from the SWIFT messaging system has highlighted the importance of payments in supporting economies. But the weaponization of SWIFT has also left some commentators worrying about the loss of the U.S. dollar's dominance, as it might drive banks and firms to other substitutes. This Economic Brief discusses the economics of SWIFT and explains why emigrating from the U.S. dollar may be more difficult than we thought.
Keywords: SWIFT;
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https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-09
Description: Article
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Richmond Fed Economic Brief
Publication Date: 2022-03
Volume: 22
Issue: 09