Saudi: dollar role ‘confused’ in oil pricing
Nov 01, 2009 at 18:18       
http://business.maktoob.com/20090000391030/Saudi/Article.htm
SNIP
KUWAIT – Saudi Arabia’s top monetary official said denominating oil sales in dollars does not necessarily mean that payments from those sales are received in dollars or that investments would be done in dollars either.
“The pricing issue has no relationship with the payment issue and doesn’t have a relationship with the investment issue,” said Muhammad al-Jasser, Governor of the Saudi Arabian Monetary Agency, at a financial conference. “There is a big mixup between the three roles for any currency.”
UNSNIP

For SAMA ’s Governor Muhammad al-Jasser, the three roles of money are pricing, payment and investment.

In his 09 May 2002 Acceptance speech of the International Charlemagne Prize of Aachen, Germany, the late Dr. Willem F. Duisenberg, the European Central Bank’s first president, said money has three roles to fulfil; as a means of exchange, a unit of account and a store of value. (1)

Yes,
‘pricing’ is ‘unit of account’
‘payment’ is ‘means of exchange’
‘investment’ is ‘store of value’

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOTE

(1)
International Charlemagne Prize of Aachen for 2002
Acceptance speech”
by Dr. Willem F. Duisenberg, President of the European Central Bank,
Aachen, 9 May 2002.
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html