Oman sticks to dollar peg after Kuwait forex shift

Filed on May 20, 2007

DUBAI - Oman’s central bank governor said on Sunday Oman was still committed to keeping its currency pegged to the dollar after Kuwait dropped its dollar peg and adopted a basket of currencies.

“We are still committed to the dollar peg policy,” Hamood Sangour al-Zadjali told Reuters by telephone from Muscat.

Kuwait’s central bank began pegging its dinar to a basket of currencies on Sunday, dropping a dollar peg adopted in 2003 to prepare for monetary union with Oman and four other Gulf oil producers.

“At the Central Bank of Oman we did not know about this,” Zadjali said. “There was a position by the leaders of all Gulf countries to remain pegged to the dollar and we have abided by that decision,” he said.

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