On the other hand, on Sunday, the Prime Minister’s financial advisor, Mazhar Mohammed Salih, clarified the sale of oil through the dinar.
In an interview with the Saleh said, “the adoption of the dinar in pricing oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later.” That made specific reference to “the adoption of the dinar in pricing oil, or what is called (petro dinar).”
He continued to say, “These reserves must be available as a necessary condition and act efficiently enough to ensure oil price linked exchange rate stability (the petro dinar) by hedging oil price fluctuations to ensure the exchange rate stability itself from the out set”.
