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Kuwait to remain in currency basket peg

10 April 2010

Sheikh Salem Abdul-Aziz al-Sabah, governor of Kuwait's central bank has said the Gulf state will continue to keep pegging its dinar to a currency basket for the foreseeable future, Reuters has reported. "The present exchange rate arrangement is serving the Kuwaiti economy well and there is no reason for, or net benefit of, changing it," Sheikh Salem said. "Pegging the KD to a specially-weighted and undisclosed basket of currencies of major trade and financial partners of the State of Kuwait provides the CBK with relatively more room to manoeuvre in designing and conducting its monetary policy."

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