Iraq's emerging economy

More good news about Iraq's economy.

Iraqis bullish on stocks

BAGHDAD — The miniature Liberty Bell clanged. Elbows flew. Sweat poured down foreheads. Sales tickets were passed and, with a flick of the wrist, 10,000 shares of the Middle East Bank had more than doubled in value.

The frantic pace yesterday of those first 10 minutes of trading typified the enthusiasm behind the Iraq Stock Exchange, an institution seen as a critical step in building a new Iraqi economy.

And on the bond market...

Iraq to get new start with bond market

BAGHDAD — Iraq's first bond market will open this month, a move designed to ensure that the Iraqi government won't repeat Saddam Hussein's ruinous economic policies.

At the first bond auction, scheduled for July 18, Iraqi banks can bid for about 150 billion dinars (a little more than $100 million) worth of government debt, the finance ministry announced Wednesday.

Iraqi authorities for the first time are letting free market forces set interest rates in Iraq. The yield at the auction will set an unprecedented benchmark in Iraq, allowing commercial lenders to price loans more rationally.
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