Global Dollar, Euro Credit Growth Accelerates in Q1 2026, BIS Data Shows

Foreign currency credit denominated in USD and EUR rose 7.3% and 12% annually, reaching $14.7 trillion and €5.1 trillion respectively. Global foreign currency credit denominated in US dollars and euros expanded in Q1 2026, with euro-denominated debt growing at a faster ann

Foreign currency credit denominated in USD and EUR rose 7.3% and 12% annually, reaching $14.7 trillion and €5.1 trillion respectively.

Global foreign currency credit denominated in US dollars and euros expanded in Q1 2026, with euro-denominated debt growing at a faster annual rate of 12% compared to 7.3% for the dollar. The outstanding stock of dollar-denominated credit hit $14.7 trillion, while euro-denominated credit reached €5.1 trillion by end-March 2026.

Emerging market and developing economy (EMDE) borrowers accounted for 30% of the dollar-denominated debt and 17% of the euro-denominated debt. The data tracks loans extended by banks and funding from international bond markets, focusing on non-bank borrowers outside the respective currency areas.

The growth in euro-denominated credit outpaced its dollar counterpart, though the total stock remains significantly lower. The figures reflect ongoing demand for foreign currency financing amid shifting global liquidity conditions.

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