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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: Chispas	5/20/2007 2:22:03 PM
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Kuwait abandons US dollar - Kuwait's Central Bank says the country has abandoned pegging its currency to the US dollar and returned to linking it to a basket of currencies. The fall of the US dollar has contributed to the inflation, and the cabinet decided Sunday to peg the Kuwaiti dinar to a basket of currencies instead, the Kuwait News Agency quoted Central Bank's Governor Sheik Salem Abdul-Aziz al-Sabah, as saying on Sunday. The decline of the US dollar has had "negative effects'' on the Kuwaiti economy for the last two years, al-Sabah told the state-owned agency. He said the new basket of currencies would reflect Kuwait's commercial and financial ties, but did not provide further details about which country would be included. Kuwait's Central Bank had previously switched from a basket of currencies to the green back in 2003 to comply with requirements from a plan for a unified Persian Gulf currency by 2010. The six members of the Persian Gulf Cooperation Council, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Oman, and Kuwait hope the move, similar to the creation of the Euro by the European Union, will boost regional trade and economic integration. .......................... presstv.ir

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