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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.
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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They also discussed several issues of mutual interest and exchanged views on the latest regional and international developments