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rockfl9

WHY they have "AUCTIONS" !

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It has nothing to do with RV/RI > It is simply a cash management system,   Iraq is living day to day on oil sales, but they only get paid when the oil is delivered. they may go days without any income but they need to pay for imports when they are ordered ( or at least know the funds are available in the proper accounts).  They need to be sure that food, medicines and fuel  are fully funded while other items like trucks.,  clothing and jewelry are lower priority . SO when an importer BIDS for dollars he must justify the allotment ,,. So it is not an AUCTION in the true sense of the word but it is an allocation system.

It is also a monitoring tool . If an importer requests $1Mil to import cooking oil the issuing bank is supposed to get a warehouse receipt that the correct amount  was delivered. Here is where the money laundering can exist ,  The  order was for $1mil of oil but maybe only $900K was delivered ,  the importer skimmed off the money and left it in an offshore account. 

Don't expect it to go away SOON.

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