The review shows that Qatar and Iran, whose foreign exchange policy has sparked widespread market speculation, cut their dollar holdings by$2.4 bn and$4 bn respectively.
S. banks have tended to retain their dollar holdings until the end of the day in New York, making it even harder for overseas banks to obtain dollars.
What would happen if they took their dollar holdings, equal to around 10% of US GDP, and switched them into other currencies?
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