Pimpy

  In Pimpy's Investment Chat 

Article: “A Significant increase in dollar action sales to the Central Bank of Iraq”  People always get these confused. They think they’re selling dinar. That’s not what’s in the auctions. The US dollar is what they’re selling. What’s happening is they get paid all the time for the oil in the petrodollar – they’re US dollars. They turn around and deposit into banks and the bank decide how many of them they want to keep… and they send over [the rest] to the CBI to auction off the money.  So when you see them sending more and more U.S. dollars it means they have more and more confidence in their own currency. This is a good sign…we like to see it. Continue to sell the US dollars and strengthen your own currency.

Tags: , , /