Petrodollars

(redirected from Petrocurrencies)
Also found in: Dictionary.

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.

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.

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.
References in periodicals archive ?
After all, memories of the traumatic August 1998 ruble devaluation/default, the 2008 plunge after the Lehman failure/war with Georgia and volatile Kremlin politics/high correlation to oil prices make the Russian ruble one of the world's least loved petrocurrencies.
35 if Mitt Romney wins the White House as his election would trigger a rally in risk assets, a fall in the dollar, (and if coupled with Chinese rate cuts), a rise in crude oil/base metals and petrocurrencies such as the Norwegian kroner, Mexican peso and Russian rouble (but not the Iran rial