Saudi Arabia open to talks on trade in currencies besides dollar: Al-Jadaan

Mohammed Al-Jadaan, Minister of Finance

Saudi Arabia is open to discussions regarding trade in currencies other than the US dollar, Bloomberg reported, citing Minister of Finance 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,” the Minister said, indicating that the Kingdom does not rule out any discussion that will help improve the trade around the world.

Saudi Arabia and US have several mutual interests, not to mention that the Saudi riyal is pegged to the dollar, and it is used for many transactions.

“We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries who are willing and able to work with us,” Al-Jadaan said.

Al-Jadaan expressed concerns about the most vulnerable countries and the low-income regions, indicating that the Kingdom is among the top countries that provide support.

Saudi Arabia is also cooperating with multi-party and regional organizations to provide support to Turkey, Pakistan and Egypt via the direct aid and through investments in these countries.