Iraqi assets surge as stability returns
Sep 12, 2008
Things are looking up in Iraq. Following the surge of troops, security has improved and oil production hit its highest level since the invasion in the second quarter; oil exports should rise to $86bn this year – more than double the average of 2005-2007 – creating a $52.3bn budget surplus, according to the American government.
The improving backdrop is reflected in the Iraqi dinar's 12% rise against the dollar since early 2007 and the 45% increase in the price of the Iraqi sovereign bond since August 2007.
This has lowered the yield to 8.7%, which is lower than some US banks' yields, as we noted last week.
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