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Venezuela to propose creation of international currency in Qatar

The creation of the ‘petro’, a currency based on the vast hydrocarbon reserves held by certain countries, is one of the proposals that the Venezuelan government will present at the Second South American – Arab Summit (ASPA), which is currently being held in the city of Doha, Qatar.

This announcement was made by President Hugo Chávez minutes after landing in Qatar for the meeting between the two region’s leaders.

“We have the idea, and first the first time I am going to comment on in publicly, for an international currency, the idea of which is exciting: the petro.  A petro-currency that is based, above all, on the vast oil reserves that some countries have,” he expressed.

He said the proposal is similar to the gold standard, a mechanism used in a previous era; to emit currency at the time, it had to be backed up by gold reserves.

“I will comment about it tomorrow,” said President Chávez in reference to his participation in the Qatar Summit.  He also noted that “it will be a proposal for the major oil producers and the countries that have the most reserves:  Venezuela is first in the world.”

Prensa Presidencial, Embassy of the Bolivarian Republic of Venezuela Press Office / March 31, 2009

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