Pimpy [Post 1 of 2….] We personally do not exchange our currency with Iraq. What happens is if the sanctions are lifted, they revalue the currency, we take our currency down to our banks, we exchange the Iraqi dinar for US dollars…If that bank…buys and sell foreign currencies they would keep it on their books as an asset. If they turn it over to the Federal Reserve then the Federal Reserve would be dealing with Iraq as far as swapping the US dollar for the Iraqi dinar but most banks are going to keep it on their books.
Pimpy [Post 2 of 2] That’s why you don’t have to worry about whether Iraq has enough US dollars. It’s going to be whether your bank has enough dollars and since everything’s going to be digital there’s not going to be a problem with that. That’s how it’s going to happen all around the world. You’re going to be able to go into your bank, exchange your IQD and that’s who you’re exchanging it with. Iraq does not have to have all those US dollars to cover the IQD because banks are going to hold them on their books as foreign reserve assets.
