pet⋅ro⋅dol⋅lars
[pe-troh-dol-erz] 
troʊˌdɒl
| surplus revenues in dollars accumulated by petroleum-exporting countries, as those of the Middle East, esp. when then used for foreign loans or investments. |
Based on the Random House Dictionary, © Random House, Inc. 2009.
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| pet·ro·dol·lars (pět'rō-dŏl'ərz) pl.n. Money in any number of currencies that is paid to oil-producing countries, which then deposit it into Western banks. |
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Petrodollars
The money that oil exporters receive from selling oil and then deposit into Western banks. Petrodollars are also known as petrocurrency.
Investopedia Commentary
Petrodollars refers to the money that Middle Eastern countries and members of OPEC receive as revenue from Western nations and then put back into those same nations' banks. For example if Libya were to receive money from the U.S. for oil and then put the money into a U.S. bank, that deposited money is referred to as petrodollars.
Related Links
Understanding The Current Account In The Balance Of Payments
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See also: Cartel, Commodity, OPEC, Sour Crude, Sweet Crude
Also spelled: petro dollar, petrodollar, petro currenies
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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.
Copyright © 2003. Published by Houghton Mifflin.
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