Kuwait may abandon the dollar currency peg to its dinar in favour of a basket of currencies to reduce economic damage caused by a falling greenback, Bloomberg reported.
The Gulf state’s finance minister told reporters at the World Economic Forum that the central bank is studying a possible switch from the dollar. The US dollar has declined 5.6% against the euro in the past 12 months.
The UAE recent raised the prospect of a region-wide revaluation as early as March, although Saudi Arabia – the largest GCC economy – subsequently announced that it has no plans to stop pegging the riyal to the dollar.
Follow us on
