(Reuters) - KUWAIT, May 20 - Kuwait unshackled its dinar from
the tumbling U.S. dollar on Sunday and switched the exchange
rate mechanism to a basket of currencies, throwing plans for
currency union with other Gulf Arab oil producers into disarray.
Kuwait's central bank, which battled speculators for weeks
to defend the peg, said the dollar's slide against other
currencies had forced it to break ranks with fellow Gulf states
to contain inflation from the rising cost of some imports.
Read more at Reuters.com Economic News
the tumbling U.S. dollar on Sunday and switched the exchange
rate mechanism to a basket of currencies, throwing plans for
currency union with other Gulf Arab oil producers into disarray.
Kuwait's central bank, which battled speculators for weeks
to defend the peg, said the dollar's slide against other
currencies had forced it to break ranks with fellow Gulf states
to contain inflation from the rising cost of some imports.
Read more at Reuters.com Economic News
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