petrocurrency


petrocurrency

(ˈpɛtrəʊˌkʌrənsɪ) n, pl -cies1. (Banking & Finance) money, paid in dollars, earned by a country for the exporting of petroleum2. (Banking & Finance) currencies of oil producing nations which tend to rise or fall in value against other currencies when the price of oil rises or falls3. (Banking & Finance) currencies used as a unit of account for pricing oil in the international market