For decades, the US dollar has been the best currency to have in the Middle East if you don't have enough dirhams, dinars, riyals or pounds on hand. Over the past few months, senior politicians in a number of Middle East nations have made statements that suggest the dollar's dominance in the region may fade. And this is certainly true for the Middle East. "Currently, there's a lot of Russian money going through countries in the Middle East and Asia," Alhasan explained. Threat to oil businessAlhasan offers a second reason why some Middle East states may wish to move away from the dollar.

Source: New York Times May 20, 2023 18:19 UTC