Saudi Arabia Considers Global Trade in Non-Dollar Currencies

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  Saudi Arabia Says Open to Settling Trade in Other Currencies
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• Saudi Arabia Considers Global Trade in Non-Dollar Currencies
  by Andrew Moran, https://www.theepochtimes.com/
  Saudi Arabia, the world’s largest crude oil exporter, is considering trading in currencies other than the U.S. dollar, a kingdom official revealed. Mohammed Al-Jadaan, a Saudi minister of finance, told Bloomberg TV in Davos, Switzerland, on Tuesday that officials are open to potentially utilizing other currencies as the energy juggernaut bolsters relations with its strategic partners.
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  “There are no issues with discussing how we settle our trade arrangements, whether it is in the U.S. dollar, whether it is the euro, whether it is the Saudi riyal,” he said. “I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world.”
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  He noted that Riyadh maintains a “very strategic relationship” with the United States, China, and Europe and “other countries who are willing and able to work with us.” The Saudi minister added that the kingdom is partnering with multilateral institutions to support nations it considers “vulnerable,” including Egypt, Pakistan, and Turkey. This includes increasing its foreign-currency reserves, extending deposits and grants, and providing oil and other petroleum products.
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  Since the 1970s, the Saudi Arabian currency has had a currency peg to the U.S. dollar. Over the last few decades, the kingdom has played a critical role in sustaining the petrodollar system that prices crude oil exports in the dollar. Today, 80 percent of international oil transactions are priced in dollars.
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