The share of the European currency in international settlements fell sharply in March amid geopolitical uncertainty and rising inflation around the world.

According to data from the SWIFT settlement system, it fell to 35.4%, the lowest since June 2020, down from 37.8% in February. The drop was the sharpest since 2011.

Demand for settlements in dollars, considered a “safe haven” currency, has grown significantly over the past month, Bloomberg notes. The dollar’s share in international settlements jumped to 41.1%, the highest since April 2020, up from 38.9% in February.

The dollar has remained the leader in international settlements for the past 10 months. The euro last surpassed the U.S. currency in terms of share in settlements in May 2021.

The Japanese national currency, despite the fall of its exchange rate against the dollar in March to the lowest level in 20 years, increased its share in international payments to the maximum since October 2.8%.

The share of the Chinese yuan fell to its lowest since November.