Gulf not expected to follow Kuwait revaluation

RIYADH - The five other members of the Gulf Cooperation Council (GCC) will likely not follow Kuwait in revaluing their currencies, the bloc’s secretary-general said on Sunday.

By (Reuters)

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Published: Sun 20 May 2007, 6:40 PM

Last updated: Sat 4 Apr 2015, 11:06 PM

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 in the world’s top oil exporting region, the state news agency reported.

“I don’t expect other member states to follow Kuwait’s revaluation move,” Abdul-Rahman al-Attiya told Reuters by telephone.

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