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Kuwait Keeps Markets Guessing on Currency Plans - ASHARQ AL-AWSAT English Archive
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KUWAIT (Reuters) – Kuwait’s central bank governor declined to comment on a review of the country’s exchange rate regime on Sunday, amid intense market speculation that the Gulf oil exporter would change the dinar’s peg to the dollar.

Asked whether Kuwait was planning to revalue the currency, Sheikh Salem Abdul-Aziz al-Sabah told reporters: “There is no change so far. We are still pegged. Up to now there is no information on this issue.”

Kuwait is the country markets see as most likely to revalue its currency after a meeting in Saudi Arabia next month at which regional central bank governors will review a system of fixed exchange rates designed to prepare for monetary union.

Sheikh Salem was quoted as saying late last year that Kuwait may change the dinar’s trading band against a weakening dollar to guard against rising import costs.

Kuwait’s dinar is trading at the top of its 3.5 percent trading band against the dollar set in 2003.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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