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What is Understanding the Petrodollar System about?

Petrodollars are US dollars paid to oil exporting countries in exchange for oil. The petrodollar system began in the 1970s when the US and Saudi Arabia agreed to price oil exclusively in US dollars, requiring other countries to exchange their currency for dollars to purchase oil from OPEC countries. This created large dollar surpluses for oil exporters that had to be recycled or invested. The Asian currency market was created in Singapore as an intermediary between capital markets to allow international ban

Author

Aijaz Khaja

Language

EN