Saudi Arabia says it is not bound to US dollar for trade

[beijingwalker]

Saudi Arabia says it is not bound to US dollar for trade​

TUE, JAN 17, 2023 - 10:02 PM

SAUDI ARABIA is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister, in what could be another challenge to the greenback’s hegemony.

“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday (Jan 17) in an interview in Davos.

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar to a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.

During President Xi Jinping’s visit to Riyadh last year, the two countries agreed to boost coordination on energy policy and exploration. During that trip Xi said that China would make efforts to buy more oil from the Middle East and also wanted to settle that trade in the yuan.

“We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries who are willing and able to work with us,” Al-Jadaan said.

https://www.businesstimes.com.sg/international/saudi-arabia-says-it-not-bound-us-dollar-trade

 

[STREANH]

I guess Saudi Arabia can expect a dose of Freedom™ soon.

Wouldn't rule out some good old democracy protests against monarchy.

 

[大汉奸柳传志]

the bullish USDX only lasted half a year, now the buyers seem to be dumping the dollar again.

 

[Corruptistan]

I guess Saudi Arabia can expect a dose of Freedom™ soon.

Wouldn't rule out some good old democracy protests against monarchy.

Only in weak, divided, discontent and often rootless societies would such endeavours have a high degree of success.

KSA is neither of those. Most importantly public discontent appears to be non-existent which is expected given the great stability, welfare, wealth, security, opportunities, homogeneity etc. found in KSA.

 

[Azadkashmir]

its regime change time.

 

[wahhab0202]

its regime change time.

One can only dream

 

[Azadkashmir]

One can only dream

if usa wants it can cause saudis chaos.

 

[Hassan Al-Somal]

Saudis and Muslims in general should do sometimes things in quiet. If you never claim it in the first place, you can always deny it when asked.

 

[wahhab0202]

if usa wants it can cause saudis chaos.

Saudi is not Pakistan or turkey.

 

[Azadkashmir]

Saudi is not Pakistan or turkey.

it is not, so a chaos they cant handle and the saudi family be freaked out.

 

[wahhab0202]

it is not, so a chaos they cant handle and the saudi family be freaked out.

Keep dreaming, it is free.

 

[flameboard]

Saudi Arabia says it is not bound to US dollar for trade​

TUE, JAN 17, 2023 - 10:02 PM

SAUDI ARABIA is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister, in what could be another challenge to the greenback’s hegemony.

“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday (Jan 17) in an interview in Davos.

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar to a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.

During President Xi Jinping’s visit to Riyadh last year, the two countries agreed to boost coordination on energy policy and exploration. During that trip Xi said that China would make efforts to buy more oil from the Middle East and also wanted to settle that trade in the yuan.

“We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries who are willing and able to work with us,” Al-Jadaan said.

https://www.businesstimes.com.sg/international/saudi-arabia-says-it-not-bound-us-dollar-trade

This has to have been due to US approval. There has to have been a shift in policy

 

[Muhammed45]

@Hamartia Antidote looks like no one takes USA seriously anymore. What happened? Its pitiful to see your former puppets showing you their middle fingers and spitting in your face.

 

[Azadkashmir]

Keep dreaming, it is free.

put saudis in your mouth and simp hard for them.

 

[Tom-tom]

You do know what's gonna happen uncle Sam is gonna get a, fringe off the books type of thing, and give the Iranians the upper hand