According to data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the use of the euro in global transactions collapsed to 23.2% in August. Meanwhile, payments using the US dollar via SWIFT continue to climb. The SWIFT data showed that the share of the single currency in global transactions hit an all-time low of 23.2% in August, dropping by 1.2% on a monthly basis. The share of the euro in global settlements has been decreasing since January, plummeting by 14.66% throughout the year to August. The strongest drop was recorded in June by almost 7% to 24.4% from 31.25%. On the contrary, the share of the US dollar in August amounted to 48.03%, the highest level since such data began being gathered. Analysts explain the decline of the euro's share in global settlements by weak economic growth rates in the EU countries, the European Central Bank's increase in the key interest rate, and the high level of debt of EU countries. In addition, stubborn inflation and unemployment in the region, as well as an increase in the global share of payments in national currencies against the backdrop of anti-Russian sanctions, are also undermining confidence in the euro. Notably, after de-dollarisation was announced, the US currency rose sharply across the board.