MNT GOAT
The second part of the news is about the establishment of exchange platforms with HSBC (the leading international bank) that will account for all our three zero notes collected from our exchanges in Europe and in the U.S.. This is now all set up and established channels for funneling the money or credits back to Iraq. What do I mean “to account for” ?
HSBC is a clearing house for foreign currency throughout the world. When any private bank decides to purchase foreign currency from you (as your exchange dinar to dollars) it can do one of two things with it. First it can decide to keep it as part of the bank’s foreign reserves for possible customers wanting to purchase it in the future. Or it can broker it to HSBC global banking which will return it back to the country of origin.
In the case of the three zero notes with Iraq, specific accounting procedure has been established with the US Treasury with HSBC which will buy the dinar from the local banks then turn them back over to the CBI and get credited.
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