Harambe: Saudi Arabia Says Open to Settling Trade in Other Currencies Besides Dollar | (Bloomberg)
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.
“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,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday in an interview in Davos.
“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.
The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.
During President Xi Jinping’s visit to Riyadh last year, the two countries agreed to boost coordination on energy policy and exploration. During that trip Xi said that China would make efforts to buy more oil from the Middle East and also wanted to settle that trade in the yuan.
“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.
Saudi Arabia is also working with multilateral institutions to provide support to Pakistan, Turkey and Egypt, as part of the kingdom’s largesse to nations it deems “vulnerable,” Al-Jadaan said.
“We are investing heavily in these countries and will continue to look for opportunities to invest,” Al Jadaan said. “It’s very important to bring stability.”
The minister said his country is looking to invest $10 billion in Pakistan. It already extended the term of a $3 billion deposit to boost its foreign-currency reserves late last year, and Saudi Arabia is now exploring the possibility of increasing the amount.
Read full article here: https://www.bloomberg.com/news/articles/2023-01-17/saudi-arabia-open-to-talks-on-trade-in-currencies-besides-dollar
Militia Man In county of Iraq they don’t have the ability to use dollars anymore. The U.S. Federal Reserve Bank has stopped the way they are allowed to do dollar auctions in the country…that puts pressure on the citizens because the local exchange rate is going down which is causing them to pay more for goods and services. The U.S. fed…is creating an environment that’s forcing the country effectively to get off the dollar…foods are going sky-high...it’s creating that environment where the CBI is going to have to make an exchange change and it’s going to have to happen quickly.
Pimpy Looks like Al-Sudani is fast stepping all kinds of projects to help them get away from relying so much on the oil revenue, which is something we’ve been waiting for now for a few years-decades. But we saw Al-Kazemi trying to make the effort to move forward and didn’t have the type of support Al-Sudani does. It looks like Al-Sudani is fast tracking all of this work which is outstanding for anybody invested in Iraqi dinar and even more so for the Iraqi people…
Henig: The International Monetary Fund sets the date for the global economic recovery
Economy News / Baghdad
Kristalina Georgieva, Managing Director of the International Monetary Fund, predicted in an interview with CNBC at the World Economic Forum held in Davos, Switzerland today, Tuesday; The global economy will recover in 2024, despite its expectations of a slowdown in global economic growth in 2023.
In this context, the International Monetary Fund official, Georgieva, indicated; That it lowered its forecast for economic growth for the year 2022 by about 1%, and stated that economic growth is likely to reach its lowest levels in 2023, and Georgieva also expressed her expectation that the global economy will finally rise in 2024.
It is noteworthy that the head of the International Monetary Fund commented earlier that the sharp divergence in the performance of the major global economies may cost the global economy as a whole about 7% of GDP.
The International Monetary Fund also indicated that losses may exceed those expectations, ranging from 8% to 12% of GDP for some countries, if technology variation is also taken into account.
Economists added that even if this disparity in economic performance between the countries is limited, it may contribute to a reduction of about 0.2% of global gross domestic product. Despite this, the Primary Monetary Fund stressed that there is an urgent need for more work to estimate the costs on the monetary system. More precisely, the global financial safety net.
The Director-General of the International Monetary Fund had previously stated; That it is not likely to reduce the previous global growth forecast of 2.7% for the year 2023 in the next report of the International Monetary Fund, and Georgieva expected that the global economy would reach its lowest levels by the end of 2023 or the beginning of 2024, and she continued that the greatest danger lies in the Russian-Ukrainian war and social unrest.
However, the Managing Director of the International Monetary Fund stated that inflation is still entrenched, so central banks must continue to work to achieve price stability, and commented on the US economy; She said that in the event of an economic recession, it would be moderate, and with regard to China’s economy, Georgieva said that China should become a contributor to the global economy by mid-2023. LINK
BRICS Is Moving To Flip The World Order – It’s Now East vs West
Sean Foo: 1-18-2023
BRICS might be about to add new members to the bloc in 2023.
And if they add in the right countries, this could be a powerful challenge to the Western financial order.
We are talking about a group that has a growing population, control over essential commodities and the oil markets.
This is why we must carefully watch the BRICS 2023 summit because the balance of power could be starting to shift to the East.
ECONOMIC FREEFALL WORSENS. RETAIL SALES CRATER. PRODUCER PRICES RISE 6.2% YOY.
Greg Mannarino: 1-18-2023