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

beijingwalker

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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.

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

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