Iraqi's Have Faith

[Stalyn]

Shamaa, the economist said undeveloped land was scarce in central Baghdad. If security stabilizes, the newly liberated economy could multiply "10 times in two to three years," he said.

* Iraq Sunday issued its first postwar debt as it tries to shed a legacy of disastrous economic management and regain credibility in financial markets after decades of war and sanctions, reports Reuters. The government raised 150bn dinars ($105m, ?83m, £55.5m) in three-month treasury bills carrying an interest rate of around 5.5 per cent through an auction organised by the central bank.

"Demand was healthy," Mudher Kasim, the bank's chief economist, said. "This was an attempt to explore the market. The plan is to issue six-month and one-year maturities too."

He added that a stable dinar and growing foreign reserves had encouraged buying.

Iraq's foreign currency reserves stood at more than $2.4bn last month. Most of the new treasury bills were bought by local banks.
:D ;) :)

[Stalyn]

"We were selling and buying and around us they were fighting and bombs and explosions and nobody cared, nobody gave it a second thought," said chairman of the Iraqi stock exchange, Talib al Tabatabaie.

When people say the words "Iraqi Stock Exchange" the next word on a lot of lips might well be "SELL!".

But before the bombs and the bullets, Iraq was, and still has the potential to become a very, very wealthy country.

"Iraq is not a newcomer to wealth, Iraq is one of the wealthiest countries in the world. It used to be," said Talib.

Only 27 companies are trading so far, mostly banks, utilities and a chemical company, but 100 more are due to go public in the coming months.

By the end of the year Talib hopes to have nearly 200 companies listed, and be trading six days a week in brand new headquarters.

He says the exchange has to succeed for Iraq's sake.

It takes a little time but even with the BS surrounding them they don't care they are going to make this work. By the way with all the trading on the market, don't you think the currency is worth more than what we are seeing. I wouldn't be trading if the currency was worthless. I believe it is more valuable than we a lead to believe. JMHO

[danpeg]

Please, When you quote an article - give your source and link to it.

Thanks!

[Stalyn]

Please, When you quote an article - give your source and link to it.

Thanks!


http://www.cnn.com/2004/WORLD/meast/07/19/iraq.stock.exchange/index.html