MarkZ
[via PDK] A lot of news coming out of Iraq this weekend. A lot of it about Iraq’s economic prowess. They are now ranked the 7th central bank in buying metals. Think about that. They are not in the G7 or the G20…but they are the 7th largest purchaser of gold bullion. This is amazing. They also point out that their oil revenues are now surpassing Saudi Arabia in exports to the US. There are a number of articles pointing out how financially secure is Iraq. To me this is a precursor to a change of value in their currency.
...coming out of Iraq: “Contract signed for new residential city near Baghdad” Will include more than 100,000 units. They are busy working on housing for their people. This is a large scale project worth big bucks…. How are they going to pay for it???
How is Iraq able to get these large scale projects underway without having a stronger currency.
ReplyDelete