Saudi Finance Minister: Kingdom is ready to start discussions on the use of currencies other than the US dollar

Saudi Finance Minister Muhammad Al-Jadaan indicated that the Kingdom is open to discussing the use of currencies other than the US dollar in commercial transactions.

“There is no problem in discussing how to settle our trade agreements, whether in US dollars, euros or Saudi riyals,” Al-Jadaan said in an interview with Bloomberg TV on the sidelines of the Davos Economic Forum.

“I don’t think we are ignoring or excluding any discussion that would help stimulate trade around the world,” he added.

The world’s largest oil exporter is looking to strengthen ties with important trading partners, including China.

Last year, the two countries agreed to step up energy policy coordination during President Xi Jinping’s visit to Riyadh.

During the visit, Xi said that China would make efforts to buy more oil from the Middle East and also wanted to pay for this trade in yuan.

Al-Jadaan called the Kingdom’s relationship with China “very strategic”.

“We have the same strategic relationship with other countries, including the US, and we want to develop it with Europe and other countries that are willing and able to work with us,” Al-Jadaan said.

Source: Bloomberg