Saudi Arabia Expresses Willingness to Trade In Other Currencies After Russia Announces Gold-Backed Stablecoin Project
Days after Russia revealed its partnership with Iran in developing a gold-backed stablecoin that will be used for trade settlements, the Kingdom of Saudi Arabia has expressed its interest in trading currencies other than fiat like the U.S. dollar.
The kingdom’s finance minister said Tuesday he has no issues talking about currencies used in trades as long as they would help improve global trade.
“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,” Mohammed Al-Jadaan told Bloomberg, adding, “I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world.”
Saudi Arabia has maintained a currency peg to the U.S. dollar for decades, and a new currency to settle its trades could mean it is exploring more relations with other countries like China, which is a crucial player in global trading.
When Chinese President Xi Jinping visited Saudi Arabia in 2022, it was discussed that China would purchase more oil from the Middle East and mentioned settling trade deals using yuan, the Chinese currency. (Read more from “Saudi Arabia Expresses Willingness to Trade In Other Currencies After Russia Announces Gold-Backed Stablecoin Project” HERE)
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