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Definition of 'Petrodollars'
The money that oil exporters receive from selling oil and then deposit into Western banks. Petrodollars are also known as petrocurrency.
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Investopedia explains 'Petrodollars'
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.
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