Comments by "عبدالله" (@user-kj8yl6sn2z) on "Philosopheasy"
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I think there are reasons why Saudi Arabia uses other currencies other than the dollar, such as:
1. America’s lack of interest in security issues affecting Saudi Arabia, such as Iran’s ambitions in the Arab world, its support for radical Shiite militias such as the Houthis, or the Iraqi government’s handover to the Shiite militia affiliated with Iran, etc.
2. America’s lack of interest in supporting Saudi Vision 2030. American investments in Saudi Arabia are still weak and it does not want to transfer technology to Saudi Arabia. Although Saudi Arabia is one of the reasons for the strength of the dollar and the strength of the American economy, America still does not offer Saudi Arabia much.
3. America’s provocative threats from President Biden, then Trump, and watching how America punished Russia made many countries distrust the Americans, and perhaps Saudi Arabia is preparing for the day when America turns against their long partnership with the Saudis.
4. The high inflation of the dollar affects the development of Saudi Arabia and emerging countries, and cooperation with Eastern countries such as India, China, Japan, and Korea is very large, perhaps more than economic cooperation with America and the Western world combined, so it is natural for economic policies to change according to national interests, and Eastern countries do not want to Dealing in dollars, but rather direct dealing between its currencies and the Saudi riyal currency, to save large sums of money in changing currencies.
5. Perhaps the unlimited American support for the State of Israel against the Arab world also affects the Saudis’ policy towards America, because America was known to be a mediator in the Palestinian issue, but currently the Arab and Islamic world sees America as involved in the genocidal war in Palestine.
If America can address the five points, I do not think that Saudi Arabia will move away from the dollar.
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