SAUDI ARABIA TO DECOUPLE FROM THE DOLLAR.
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The Kingdom of Saudi Arabia through Crown Prince Mohammed Bin Salman has decided not to renew a US-Saudi security agreement which is said to expire on the 9th of June, 2024. This decision is hugely significant because, it gives the Kingdom of Saudi Arabia the go ahead to sell oil and other related commodities in other currencies such as RMB, Euros, Yen, Yuan, and etc. This marks a major shift to Challenge the petrodollar system since the US was decoupled from gold in 1972 with the collapse of the Britton Woods system. This move is expected to speed up the process of de-dollarization.
