Davos 2023: Saudi Arabia 'open' to discuss trading in non-dollar currencies
Qatar also voiced support for Elon Musk’s leadership of Twitter at the annual forum in Davos, Switzerland.
Saudi Finance Minister Mohammed Al-Jadaan said on Tuesday that the kingdom is open to trading in currencies aside from the US dollar in order to “improve trade.”
“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,” Jadaan told Bloomberg at the World Economic Forum in Davos, Switzerland.
Why it matters: Jadaan’s comments are the latest indication some Middle Eastern states are moving away from the US dollar — albeit slightly. Last year, The Wall Street Journal reported that Saudi Arabia was considering pricing oil sales to China in the yuan.
Elsewhere in the region, Egypt announced its plans to issue bonds denominated in yuan last August, while Israel added the yuan, the Canadian dollar, the Australian dollar and other currencies to its foreign reserves last April.
