GCC currency uncertain after Kuwait abandons dollar peg

News

The Central Bank of Kuwait (CBK) took the decision on May 20, in an effort to curb inflationary pressure caused by the alliance to a sliding dollar, according to a statement by the central bank to the Kuwaiti national news agency. Kuwait’s inflation increased by 4.0% year-on-year in Q1 2007, well above its target of 2.0%, according to CBK figures.

The GCC states began linking their currencies to the dollar in 2003, in preparation for economic integration and a common currency by 2010. The other

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