> how correspondent banks ultimately settle the debts, which in turn becomes how countries settle their debts. Ultimately the debts and credits either cancel o

> how correspondent banks ultimately settle the debts, which in turn becomes how countries settle their debts. Ultimately the debts and credits either cancel out, or when there is a flow from one country to another - the creditor countries ends up holding them as foreign currency reserves (in $ in bank accounts) or converts them into treasury bonds, gold or other investments - that may or not be transferable from one country to another. This tweet lists Russia's foreign reserves: https://twitter.com/heimbergecon/status/1497513211129597952 https://twitter.com/heimbergecon/status/1497513211129597952