Dollar Dominance Monitor: “The US dollar has served as the world’s leading reserve currency since World War II. Today, the dollar represents 58 percent of foreign reserve holdings worldwide. The euro, the second-most-used currency, accounts for only 20 percent of foreign reserve holdings.” But in recent years, and especially since Russia’s 2022 invasion of Ukraine and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, several countries have signaled their intention to accelerate efforts to diversify away from dollars.

This first-of-its-kind project on dollar dominance by the Atlantic Council’s GeoEconomics Center

• Analyzes why the dollar is currently the world’s dominant reserve currency,
• Presents indicators for tracking progress by members of the BRICS grouping of emerging economies in creating an alternative financial infrastructure, and
• Creates a novel framework and data set for evaluating strengths and weaknesses of the world’s major currencies..”