Business Standard || IN Business

Martinsmine:
Change is constatnt... dis news no go make dollars come down in naira

MrProlific95:
They can't try it,

In just about sooner than expected, Bin Salman would be toppled.

Although I know the op's propensity for fake news

helinues:
USD in the mud

Recession is coming

Putindbutt:

Says who?. until Saudi Arabi stops tech transfer in dollars or buying weapons in dollars. then i will take them serious. Infact, this does not sugges Saudi is completely jettisoning the dollar, it is more like a shift to accomodate other currencies in cross border transactions.

MrProlific95:
They can't try it,

In just about sooner than expected, Bin Salman would be toppled.

Although I know the op's propensity for fake news

helinues:


Bro, global recession is coming, smart countries are already preparing ahead.

US election is just what is delaying the announcement. Anytime from next year, it should be declared

helinues:


Bro, global recession is coming, smart countries are already preparing ahead.

US election is just what is delaying the announcement. Anytime from next year, it should be declared

Putindbutt:

If at all, global recession will not be determined by what Saudi Arabia do or don't do with the dollar.

WriterNig:


🇸🇦 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the 🇺🇸 United States, which expired on Sunday, June 9, as per media reports.

War is about to start. Saudi Arabia is the largest producer of oil in the world. If this plan succeed s, US dollar will fall.

This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence and power.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

By choosing not to extend this contract, Saudi Arabia can now sell oil and other goods using different currencies, such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There's also talk of exploring digital currencies like Bitcoin for transactions.

This decision marks a significant move away from the petrodollar system established in 1972 when the US stopped linking its currency directly to gold.

It's expected to accelerate the global trend of using currencies other than the US dollar in international trade.

Additionally, Saudi Arabia has joined Project mBridge, a collaborative effort exploring a digital currency platform shared among central banks and commercial banks.

This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.

Project mBridge began in 2021 and involves several prominent central banks and institutions worldwide. It recently reached the stage of Minimum Viable Product (MVP), inviting private-sector firms to propose innovations and use cases to further develop the platform.

This move by Saudi Arabia marks the beginning of a major shift in global economic dynamics, though its full implications on international trade and finance remain to be seen.



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Mynd44

jmoore:
China has trillions of dollars in foreign reserve.
Saudi Arabia has more than 400 billion dollars in foreign reserve.

Slaves of Putin in Nigeria struggling with a low reserve less than 36 billion dollars are using yeye propaganda to predict fall of dollar.

Dollars will continue to be a major player.

jmoore:
China has trillions of dollars in foreign reserve.
Saudi Arabia has more than 400 billion dollars in foreign reserve.

Slaves of Putin in Nigeria struggling with a low reserve less than 36 billion dollars are using yeye propaganda to predict fall of dollar.

Dollars will continue to be a major player.

GeneralPula:
Doesn’t change anything..

Their top leaders are still keeping their loots in USD. All these ones nah just para..

Putindbutt:
ShinnBet, i'm sorry but i disagree. if Russian's gas currency shift could not tumble the US economy, much less crude oil. African crude is smartly waiting for US/Europe.

Putindbutt:
ShinnBet, i'm sorry but i disagree. if Russian's gas currency shift could not tumble the US economy, much less crude oil. African crude is smartly waiting for US/Europe.