For the former community in California, see Petro, California.
Petro is a supranational currency proposed by Venezuelan President Hugo Chavez at the Second South America-Arab League Summit in Qatar, in order to to face the instability that the generation of fiat currency has caused in the world economy.[1]
The petro-currency would be backed by the huge oil reserves of the oil producing countries. [2]
The petro would replace the US dollar as the international reserve currency.
See also
References
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