Why do I bring up oil and non-oil revenues? Because back in a previous era, the real value of the currency was based off oil…Now they’ve included all this new non-oil revenues. They’ve paid off debt. They’ve clawed back money. They’re going to increase flow to Europe though Turkey…They have about $16 trillion worth of natural resources that include phosphates, silica, gold, all these different things. Think about that when you think about a real effective exchange rate.
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