Kuwait Ends Currency Peg to U.S. Dollar, Moves to Basket of Currencies

(Bloomberg) -- The Central Bank of Kuwait abandoned
the dinar's peg to the dollar after the slumping U.S. currency
pushed up the cost of imports and added to inflation in OPEC's
fourth-largest oil producer.

The country will instead link its exchange rate to a basket
of ``major world currencies,'' Kuwait's state-owned news service
said today, citing the central bank. The dinar appreciated by 0.4
percent against the dollar after the measure.


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