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🌍💱 BREAKING: SAUDI ARABIA ENDS 80-YEAR PETRODOLLAR DEAL WITH U.S.🌍
📢 In Short:
- Saudi Arabia ends 80-year petrodollar deal with the US
- Deal allowed Saudi oil sales in US dollars only
- Saudi can now use other currencies like RMB, Euros, etc
💡 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, according to media reports. This historic agreement, initially signed on June 8, 1974, played a crucial role in establishing US global economic dominance.
🔍 Background:
The original deal set up joint commissions for economic cooperation and addressed Saudi Arabia's military needs. American officials hoped it would incentivize Saudi Arabia to increase oil production and strengthen economic ties with Arab countries.
🔄 Shift in Policy:
By choosing not to extend this contract, Saudi Arabia is now free to sell oil and other goods using various currencies such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There is also speculation about the potential use of digital currencies like Bitcoin for transactions.
🌐 Broader Implications:
This decision signifies a significant departure from the petrodollar system, which was established in 1972 when the US decoupled its currency from gold.
🔗 Project mBridge:
Saudi Arabia has also joined Project #mBridge , a collaborative initiative exploring a digital currency platform shared among central banks and commercial banks. This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.
💭 Conclusion:
Saudi Arabia’s decision to end the petrodollar agreement marks the beginning of a significant shift in global economic dynamics. This move could reshape the landscape of global economic influence.
👇 What are your thoughts on Saudi Arabia ditching the Dollar?
How awesome would it be if Saudi would accept #bitcoin ?
Your,
@Professor Mende - Bonuz Ecosystem Founder
#SaudiArabia #Petrodollar #usdollar
$ETH $SOL
📢 In Short:
- Saudi Arabia ends 80-year petrodollar deal with the US
- Deal allowed Saudi oil sales in US dollars only
- Saudi can now use other currencies like RMB, Euros, etc
💡 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, according to media reports. This historic agreement, initially signed on June 8, 1974, played a crucial role in establishing US global economic dominance.
🔍 Background:
The original deal set up joint commissions for economic cooperation and addressed Saudi Arabia's military needs. American officials hoped it would incentivize Saudi Arabia to increase oil production and strengthen economic ties with Arab countries.
🔄 Shift in Policy:
By choosing not to extend this contract, Saudi Arabia is now free to sell oil and other goods using various currencies such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There is also speculation about the potential use of digital currencies like Bitcoin for transactions.
🌐 Broader Implications:
This decision signifies a significant departure from the petrodollar system, which was established in 1972 when the US decoupled its currency from gold.
🔗 Project mBridge:
Saudi Arabia has also joined Project #mBridge , a collaborative initiative exploring a digital currency platform shared among central banks and commercial banks. This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.
💭 Conclusion:
Saudi Arabia’s decision to end the petrodollar agreement marks the beginning of a significant shift in global economic dynamics. This move could reshape the landscape of global economic influence.
👇 What are your thoughts on Saudi Arabia ditching the Dollar?
How awesome would it be if Saudi would accept #bitcoin ?
Your,
@Professor Mende - Bonuz Ecosystem Founder
#SaudiArabia #Petrodollar #usdollar
$ETH $SOL
#US DOLLAR ANALYSIS
After being rejected from horizontal resistance, the US dollar is currently holding above the Ichimoku cloud. A sustained breakdown of the Ichimoku cloud would confirm a bearish trend.
A downward trend in the dollar could be a bullish sign for the market, as it typically exhibits an inverse relationship with the market.
#usdollar #BinanceTournament #crypto2023 #cryptocurrency #BTC
After being rejected from horizontal resistance, the US dollar is currently holding above the Ichimoku cloud. A sustained breakdown of the Ichimoku cloud would confirm a bearish trend.
A downward trend in the dollar could be a bullish sign for the market, as it typically exhibits an inverse relationship with the market.
#usdollar #BinanceTournament #crypto2023 #cryptocurrency #BTC
The Decline of the US Dollar's Dominance in Global Reserves
#USDollarCrisis #usdollar
The composition of global central bank reserves has seen a significant shift over the past two decades. Data from the International Monetary Fund (IMF) highlights a noticeable decline in the share of the US dollar in these reserves.
Key Points:
- Decreasing Share: In 2000, the US dollar constituted 71% of the global reserves. As of 2024, this share has reduced to 53.2%.
- Sustained Dominance: Despite this decline, the US dollar continues to hold a dominant position as the world's primary reserve currency. This dominance underlines its central role in global finance and trade.
- Rising Competitors: Other currencies have been slowly increasing their presence in global reserves. Notably, the Chinese yuan (CNY) now makes up 2.3% of the global reserves. The euro (EUR) has a more substantial share, accounting for 20%.
Implications for Investors:
1. Diversification: The shift in reserve compositions suggests a trend towards diversification by central banks. This can be a cue for investors to consider a more diversified portfolio.
2. Currency Stability: The persistent dominance of the US dollar suggests that it remains a safe haven during economic uncertainties, despite its declining share.
3. Emerging Markets: The growing share of currencies like the yuan indicates the rising economic influence of countries like China. Keeping an eye on emerging markets could offer new investment opportunities.
Conclusion:
The evolving dynamics of global reserves reflect broader economic trends and geopolitical shifts. While the US dollar remains a cornerstone of global finance, the gradual rise of other currencies signals a move towards a more multipolar currency world. For investors, understanding these shifts is crucial for informed decision-making.
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🔰 If you found this content useful, following and sharing can greatly support us. Stay updated with the latest in Forex and Economic News.
The composition of global central bank reserves has seen a significant shift over the past two decades. Data from the International Monetary Fund (IMF) highlights a noticeable decline in the share of the US dollar in these reserves.
Key Points:
- Decreasing Share: In 2000, the US dollar constituted 71% of the global reserves. As of 2024, this share has reduced to 53.2%.
- Sustained Dominance: Despite this decline, the US dollar continues to hold a dominant position as the world's primary reserve currency. This dominance underlines its central role in global finance and trade.
- Rising Competitors: Other currencies have been slowly increasing their presence in global reserves. Notably, the Chinese yuan (CNY) now makes up 2.3% of the global reserves. The euro (EUR) has a more substantial share, accounting for 20%.
Implications for Investors:
1. Diversification: The shift in reserve compositions suggests a trend towards diversification by central banks. This can be a cue for investors to consider a more diversified portfolio.
2. Currency Stability: The persistent dominance of the US dollar suggests that it remains a safe haven during economic uncertainties, despite its declining share.
3. Emerging Markets: The growing share of currencies like the yuan indicates the rising economic influence of countries like China. Keeping an eye on emerging markets could offer new investment opportunities.
Conclusion:
The evolving dynamics of global reserves reflect broader economic trends and geopolitical shifts. While the US dollar remains a cornerstone of global finance, the gradual rise of other currencies signals a move towards a more multipolar currency world. For investors, understanding these shifts is crucial for informed decision-making.
---
🔰 If you found this content useful, following and sharing can greatly support us. Stay updated with the latest in Forex and Economic News.