Connect with us

Saudi Ends 50-Years Dollar Agreement With the US

Piroll

Published

on

Follow
FOREIGN NEWS: Saudi Ends 50-Years Dollar Agreement With the US [New Foreign News] » Naijacrawl
Photo: Naijacrawl

The oil rich country; Saudi Arabia has decided not to renew its 50-year petrodollar deal with the United States, which expired on Sunday, June 9, as per media reports.




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.

Click Here To Comment




Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

Continue Reading
Click to comment

Be first to comment


Leave a Reply

Your email address will not be published. Required fields are marked *

Foreign News

Saudi Doctor Arrested After Deadly SUV Attack at German Christmas Market

Piroll

Published

on

FOREIGN NEWS: Saudi Doctor Arrested After Deadly SUV Attack at German Christmas Market [New Foreign News] » Naijacrawl
Photo: Naijacrawl
Tragedy struck the city of Magdeburg, Germany, on Friday evening when an SUV plowed through a crowded Christmas market, leaving devastation in its wake. Authorities confirmed that the high-speed rampage killed at least two people, including a young child, and injured 68 others.The suspect, identified as a 50-year-old Saudi Arabian medical doctor residing in Saxony-Anhalt since 2006, was apprehended at the scene. Regional premier Reiner Haseloff described the attack...
Continue Reading

Foreign News

This is What Caused Rising Death Toll in Hajj - Saudi Authority

Piroll

Published

on

FOREIGN NEWS: This is What Caused Rising Death Toll in Hajj - Saudi Authority [New Foreign News] » Naijacrawl
Photo: Naijacrawl
Saudi Arabia has reported that the death toll from this year’s Hajj pilgrimage has reached 1,301, with extreme heat and unauthorized trips identified as major contributing factors.In an official statement, the Saudi government acknowledged “numerous cases” of heat stress, noting that 83% of the deceased pilgrims were “unauthorized to perform Hajj.” These individuals, the statement detailed, “walked long distances under direct sunlight, without adequate shelter or co...
Continue Reading

Foreign News

Saudi Arabia Opens Alcohol Shop in Riyadh for Diplomatic Staff

Piroll

Published

on

FOREIGN NEWS: Saudi Arabia Opens Alcohol Shop in Riyadh for Diplomatic Staff [New Foreign News] » Naijacrawl
Photo: Naijacrawl
Saudi Arabia has announced plans to open a groundbreaking alcohol shop in Riyadh, marking the first such establishment in over 70 years. Targeted specifically at non-Muslim expats, this initiative is a significant departure from the kingdom's longstanding prohibition laws.The exclusive clientele for this new venture will be limited to diplomatic staff, who have traditionally relied on importing alcohol in sealed official packages, known as diplomatic pouches. Saudi...
Continue Reading

Latest


Download Naijacrawl App today

Fastest way to read on the go

Download the Naijacrawl App.