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Saudi Arabia open to trade in currencies other than US dollar

People, Person, Crowd Creative Commons
Al-Jadaan says the kingdom is working with multilateral institutions to support Pakistan, Turkey and Egypt

Saudi Arabia is open to exploring trade in currencies other than the US dollar, Bloomberg TV reported, citing finance minister Mohammed Al-Jadaan.

“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,” he added.

He said that the kingdom is not waving away or ruling out any discussion that will help improve trade worldwide.

The Saudi riyal is pegged to the US dollar, while oil exports continue to support the petrodollar system from the 1970s

During President Xi Jinping’s visit to Riyadh last year, Saudi Arabia and China decided to bolster energy policy and exploration coordination.

“We have a very strategic relationship with China and we enjoy the same strategic relationship with other nations, including the US,” Al-Jadaan said.

He stated that the kingdom wanted to build a relationship with Europe and other countries.

Meanwhile, Saudi Arabia is collaborating with multilateral organisations to support Pakistan, Turkey and Egypt, nations it deems “at risk”, the report noted.