What Is SWIFT, and Could Sanctions Impact the U.S. Dollar's Dominance?

Russell Wong

Richmond Fed Economic Brief, 2022, vol. 22, issue 09

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 (search for similar items in EconPapers)
Date: 2022
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