241 years since the US dollar was declared the official currency

The US dollar has completed its 241-year historical journey. This was reported by Zamin.uz.

This monetary unit was declared the country’s official currency by the Continental Congress on July 6, 1785. Since then, the dollar has become not only a means of payment within the United States but also a key instrument of influence in the global economy.

Today, this currency is widely used in international trade agreements, large interbank transfers, and the formation of foreign exchange reserves in many countries. According to existing economic analyses and accounting data, approximately 60% of the world’s total foreign exchange reserves are held in US dollars.

This indicator reflects the level of trust in the US currency within the global financial system. Moreover, nearly half of the transactions in the SWIFT system, which enables fast international payments, are conducted directly in dollars.

This shows that a significant portion of trade relations in the world market is tied to this monetary unit. In the coming years, some countries aim to expand the use of national currencies in mutual trade on the global stage.

For this reason, discussions about dedollarization — the process of moving away from the dollar — have intensified in economic circles. However, economists believe that so far, no other single currency is capable of fully replacing the dollar’s entrenched position in the global monetary system.

Alternative currencies that could potentially replace it have not yet achieved such a high degree of universality. During various economic crises and periods of political instability, major investors and entrepreneurs often prefer to hold their assets in dollars as a relatively reliable instrument.

It is precisely this characteristic that has allowed the US dollar to maintain its dominant position as an international accounting and primary reserve currency for many years. The dollar’s influence in the world market is not only economic but also closely linked to geopolitical power.