Pimpy

Article:  “Central Bank reveals two agreements during joint Iraqi delegation talks in Turkey”  This agreement with Turkey allows…merchants to purchase goods from each other’s country using their own currency.  If I’m a merchant in Iraq and I want to buy goods from over there in Turkey to sell in my store I can purchase those goods using Iraqi dinars and vice versa.  If I’m a merchant in Turkey and I want to buy some goods that I can sell in my store over here in Turkey I can use the Euro or the Lera and then the banks will settle the issue with the two currencies.  That’s why they [the banks] do currency swaps.  These are pretty big hurdles Iraq has managed to get over.  Let’s hope they continue down this path and nothing bad happens…