Saddam's Execution Causes Surge… In Iraqi Economy
File this under: “It will be a cold day in hell before Jamil Hussein feeds this to the AP”
Saddam Hussein finally did something good for the Iraqi people…
His execution raised the price of the Iraqi dinar.
Iraqi business portal, Lawk Salih reported:
Jordanian money changers said that the Iraqi dinar from the old edition (Swiss) rose by about 18% in the local market following the execution of former Iraqi president Saddam Hussein last Saturday in the first day of Eid Al-Adha.
They emphasized that the increased demand for the Iraqi currency shattered the recession that hit the currency since the American occupation of Iraq in April 2003.
Head of the Exchange Association in Jordan, Alaa Diraneh, said that the increase in the demand for the Iraqi currency in its two types, the (Swiss) and (Bremer), was due to the desire of some to keep currency in memory of the late president, who appears in the various categories of the Iraqi currency, while some of the Gulf people purchased it in hope that the economy of the country would be improved in the new year, and may be reflected on the exchange rate.
The Iraqi dinar continues its recent surge, now up 11% from its early September value. As anyone familiar with financial markets knows, it is not in their nature to go in one direction indefinitely, so we must be prepared for a reverse move at some point.
However, this move up, coming as it does at a time of apparent crisis, is one tile in the mosaic of Iraq that may be pointing to success for our venture there. We do not want to get panicked by apparently negative events – the violence we see in the press and that is unmistakably a significant part of the Iraqi mosaic – and miss other, less photogenic trends that may ultimately be more important. If the Iraqi economy is improving, as the value of the dinar may be suggesting, this would be an enormous positive, even if it is occurring in the midst of great violence.
Finally, the Butcher delivers.
The State Department also reports on the success they are seeing through the microfinance program in Iraq.
Second Hand Conjecture notes more Iraqi economic progress.