Petrodollars

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Petrodollars

Deposits by countries that receive dollar revenues from the sale of petroleum to other countries; the term commonly refers to OPEC deposits of dollars in the Eurocurrency market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Petrodollars

Revenue that state-owned and state-influenced oil companies derive from the sale of oil. In several Middle Eastern countries, petrodollars are the predominant source of government revenue. They are available for investment and are often traded on the eurocurrency market and/or are used for development purposes. For example, Bahrain used petrodollars in the 1970s and 1980s to finance improvements in its industrial capacity. See also: OPEC, Sovereign Wealth Fund.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

petrodollars

The funds that are controlled by oil-exporting countries and have been used to pay for oil imports. Petrodollars are a huge pool of funds available for investment and the purchase of goods and services. Although stated in terms of dollars, the term generally refers to all currencies.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
The pound still has some way to go before it beats the highs seen in 1980 and 1981, when sterling, seen as a "petro-currency" at a time of rocketing oil prices, settled for some months above EUR2.40.
Perhaps a more useful European comparison is with Britain -- also a petro-currency economy -- where non-oil industry accounts for about 25 per cent of GDP and oil and gas about five per cent.
Moreover, the petro-currency experience of the UK, with oil rich exchange rates crowding-out and eroding the competitiveness of the non-oil industry, is a worrying precedent for GCC members intent on growing their non-oil industries to take over when the oil runs out.