Elaeis guineensis Elaeis guineensis Elaeis guineensis is a species of palm commonly called African oil palm or macaw-fat. It is the principal source of palm oil. It is native to west and southwest Africa, specifically the area between Angola and The Gambia; the species name "guineensis" refers to the name for the area, Guinea, and not the modern country which now bears that name. The species is also now naturalised in Madagascar, Sri Lanka, Malaysia, Indonesia, Central America, the West Indies and several islands in the Indian and Pacific Oceans. The closely related American oil palm "Elaeis oleifera" and a more distantly
Commodity currency Commodity currency A commodity currency is a name given to some currencies that co-move with the world prices of primary commodity products, due to these countries' heavy dependency on the export of certain raw materials for income. Commodity currencies are most popular in developing countries (eg. Burundi, Tanzania, Papua New Guinea). However developed countries like Canada and Australia can also have this type of currency. For example, the Canadian Dollar grows stronger, the higher the price of soybeans and oil because these are Canada's two major commodities. In the foreign exchange market, commodity currencies generally refer to the Australian dollar,