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In all international trade the buyer pays with the currency they have, and the seller receives the currency they want to hold. The banking system makes a hands
by neilwilson 5y ago
In all international trade the buyer pays with the currency they have, and the seller receives the currency they want to hold.
The banking system makes a handsome fee making that particular piece of alchemy happen.
Gory details about how this particular trick is pulled off is here[0] if you're interested.
[0]: https://new-wayland.com/blog/how-russian-gas-is-paid-for/ https://new-wayland.com/blog/how-russian-gas-is-paid-for/