Julie Kozack, Director of the Communications Department, IMF has stated that the US dollar remains central to the international monetary system. It continues to dominate trade invoicing, international reserves, international borrowing, and global payments. And in all of these areas, the share of the dollar is larger than the US share in global GDP. She noted that role of the dollar has been broadly stable over time, with only a moderate decline in the share of the dollar in international reserves since the mid-2010s. According to the COFER data, the dollar has been holding onto a stable share of around 58 to 59 percent since 2020. The dollar has depreciated from its peak in 2024. But the current level, when we look in a more historical context, the current level of the dollar against major currencies is close to its historical average over the past decade. She also mentioned that currency markets can be volatile, and it’s important not to read too much into day-to-day movements in currencies.
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