(Trillions of U.S. dollars outstanding)
Dollar credit to borrowers outside the United States. 1 series: Dollar credit outside the U.S.. Latest, 2026 Q2: Dollar credit outside the U.S. 15.1.
Dollars owed by firms, governments and households outside the United States, to banks and bondholders. These are the borrowers who need dollars when funding markets seize, which is why the Fed's swap lines matter beyond its borders. Only credit denominated in dollars is counted, so exchange-rate moves do not change the amounts.
See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 3, The International Dimension
Classroom exerciseCompute how much dollar credit outside the United States grew over the year to the fourth quarter of 2008, 2014 and 2022, and over the latest four quarters. In which years did it slow, and what was the dollar doing then? Use the chapter's account of why offshore dollar borrowers are exposed to U.S. monetary policy. Teach page
Cite asBalance of Power, "Dollar credit to borrowers outside the United States", data through 2026 Q2. Source: BIS global liquidity indicators, U.S. dollar credit (bank loans and debt securities) to non-bank borrowers located outside the United States (BIS data portal, WS_GLI, Q.USD.3P.N.A.I.B.USD); Balance of Power calculations.
| Date | Dollar credit outside the U.S. |
|---|---|
| 2024 Q3 | 13.3 |
| 2024 Q4 | 13.1 |
| 2025 Q1 | 13.8 |
| 2025 Q2 | 14.0 |
| 2025 Q3 | 14.2 |
| 2025 Q4 | 14.3 |
| 2026 Q1 | 14.8 |
| 2026 Q2 | 15.1 |
With: Dollars lent to foreign central banks through Fed swap lines
| Column | Source | Series key | Status | Data through |
|---|---|---|---|---|
usd_m | bis | WS_GLI/Q.USD.3P.N.A.I.B.USD | live | 2026 Q2 |