The money auctions that happen in Iraq daily…Iraq has an account with the Federal Reserve Bank in New York which draws down money on Iraq’s oil reserves. Pallets of hundred dollar bills are flown into Baghdad where the Central Bank of Iraq takes possession…The CBI then sells these dollars in daily auctions to Iraqi Bank and money transferring firms in exchange for Iraqi dinars. [Post 1 of 2….stay tuned]
Sandy Ingram Post 1 of 2
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