McDowell Quoted in DW Article on the Decline of the Dollar’s Dominance in the Middle East
June 1, 2023
The Iraqi government recently announced a ban on doing personal or business deals in U.S. dollars. And earlier this year, Saudi Arabia's finance minister said his country was also "open" to selling oil using different currencies, including the euro and the Chinese yuan. But is the dollar's dominance under threat?
Experts insist the move away from the dollar is going far more slowly than recent headlines suggest.
"The key words here are 'statements' and 'potentially'," says Daniel McDowell, associate professor of political science, when asked whether assertions made by Arab leaders signal the dollar's demise in the Middle East.
"Statements are easy, action is more difficult," he says. "For oil-producing states, like Saudi Arabia, these sorts of statements and agitations are also a way to get America's attention. Flirting with the Chinese may make American policymakers focus more attention on the interests of the Gulf states."
Read more in the DW article, "Why the dollar's dominance is declining in the Middle East."
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