3 Reasons the Dollar Matters to the Middle East
- Date: 28-Jul-2022
- Source: Al Bawaba
- Sector:Financial Services
- Country:Saudi Arabia
3 Reasons the Dollar Matters to the Middle East
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For many emerging economies around the globe, the US dollar holds an outsized position in daily economic and political developments. The US dollar is, by any measure, the world's global reserve currency. It is the unit of international trade, that virtually all MENA countries use to pay for high-value exports.
It is also the currency that the region's largest oil producers - such as Saudi Arabia - accept as payment for their most valuable natural resource. Let's take a closer look at exactly why the Dollar matters so much to the Middle East, and whether this will remain the case in the future.