The petro was announced by Venezuelan President Nicolás Maduro in a television address on 3 December 2017.[1] Maduro stated that the new currency would be backed by Venezuela's reserves of oil, gasoline, gold and diamonds;[2] however no timeline for the launch of the currency was immediately revealed.[3]
Maduro stated that the petro would allow Venezuela to "advance in issues of monetary sovereignty",[2] and that it would allow for "new forms of international financing";[1] however opposition leaders expressed doubt that the currency would be practical, considering the economic turmoil Venezuela was undergoing,[2] including the falling value of Venezuela's conventional currency, the Bolivar Fuerte, and $140 billon USD in foreign debt.[3]
