Knowledge Booster

 Nasir Javed Iqbal daughter-in-law of Allama Sir Muhammad Iqbal and retired Judje of LHC I will tell you what crime you committed Dear IK. I have been asking why IK had to be removed immediately rather than wait for 16 months to complete the term. So here is the answer.  To understand this first let’s cover two concepts  1) What is Petrodollar. It’s an agreement signed between King Faisal and President Nixon in 1974.  Saudi responsibility was to convince all OPEC countries to sell oil in US dollars and not accept any other currency or gold. All proceeds from sale will be deposited in US banks or Federal Reserve. (Then there is a lengthy formula how the OPEC county do withdrawals. We can go over it some other time) This increase the demand for USD because for any country to buy oil they first have to buy USD. This arrangement keeps USD strong.  In return Saudi currency was pegged at 1 USD = 3.75 SR, the Saudi economy may do good or bad the conversation rate will remain same. They will n