(Reuters) - KUWAIT, May 20 - Kuwait switched the dinar's
exchange rate mechanism to a basket of currencies on Sunday,
dropping a peg to the tumbling U.S. dollar that was adopted in
2003 and throwing into disarray plans for a single currency in
the Gulf Arab region.
Kuwait was still committed to the monetary union, the
central bank governor said in a statement, but the dollar's
slide over the past two years had forced it to break ranks with
fellow Gulf oil producers to contain inflation.
Read more at Reuters.com Economic News
exchange rate mechanism to a basket of currencies on Sunday,
dropping a peg to the tumbling U.S. dollar that was adopted in
2003 and throwing into disarray plans for a single currency in
the Gulf Arab region.
Kuwait was still committed to the monetary union, the
central bank governor said in a statement, but the dollar's
slide over the past two years had forced it to break ranks with
fellow Gulf oil producers to contain inflation.
Read more at Reuters.com Economic News
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