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Thu 30 Oct 2008 09:06 AM

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Kuwait central bank cuts benchmark rate

Both discount and repurchase rates reduced following similar move by US Federal Reserve.

Kuwait cut its discount rate by 25 basis points on Thursday after a US rate cut a day earlier, its second move to lower the benchmark rate this month.

The Kuwaiti central bank reduced the discount rate to 4.25 percent from 4.5 percent while cutting the repurchase rate to 2 percent from 2.5 percent.

Kuwait is the only Gulf oil producer that does not peg its currency to the US dollar.

The US Federal Reserve lowered interest rates by 50 basis points on Wednesday, part of a barrage of measures deployed around the world to fight a deep economic slowdown. (Reuters)

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