Posted:
01.11.2024 12:16:00
IMF: dollar share in global reserves hit historic minimum under Biden
The share of the US dollar in global reserves fell to the 30 years’ minimum in the time Joe Biden was in office. During his tenure, the dollar was losing ground 9 times slower than under his predecessor, Donald Trump, RIA Novosti reports.
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According to the International Monetary Fund (IMF), the American currency took up 58.22 percent of the total global reserves by the end of the second quarter of 2024: the absolute minimum since the statistics started being published in 1995.
However, under Biden, the dollar’s share was shrinking 9 times slower than under President Trump: it lost 0.7 percentage points when Biden was in office, while the loss during Trump’s term was 6.44 percentage points. In Barack Obama’s two terms, the dollar’s share grew 1.6 percentage points.
The steepest fall of the dollar’s share in global reserves (7.37 percentage points) happened under George Bush Jr. Bill Clinton’s tenure, on the other hand, was the best for the American currency: it added 27.81 percentage points in 1995-2000 (no data is available for the first two years of Clinton’s first term).
However, under Biden, the dollar’s share was shrinking 9 times slower than under President Trump: it lost 0.7 percentage points when Biden was in office, while the loss during Trump’s term was 6.44 percentage points. In Barack Obama’s two terms, the dollar’s share grew 1.6 percentage points.
The steepest fall of the dollar’s share in global reserves (7.37 percentage points) happened under George Bush Jr. Bill Clinton’s tenure, on the other hand, was the best for the American currency: it added 27.81 percentage points in 1995-2000 (no data is available for the first two years of Clinton’s first term).
