Posted 12/20/2023, 12:32:25 AM
Saudi Arabia Teams Up with BRICS Nations to Reduce Dollar Dependence
- Saudi Arabia joins BRICS alliance along with 4 other nations, poised to help efforts against US dollar
- BRICS continues push for de-dollarization and multipolarity in 2023
- China and Saudi Arabia agree to $6.93 billion, 3-year currency swap in Yuan, giving Saudi access to more local currency
- Move decreases Saudi reliance on US dollar
- Cooperation between Saudi and BRICS on currency could have big implications for weakening dollar’s global dominance