Just came across this.............does anybody have any idea if this affect the IQD???
Kuwait Revalues Their Dinar: 10/4/2010
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.
Kuwait also revalued its dinar, allowing the currency to appreciate 0.37 percent against dollar after months of market pressure on the exchange rate.
The new rate set by the central bank was $0.28806 compared with $0.28914.
‘Kuwait has decided, starting from today, that the exchange rate of the Kuwaiti dinar is to be based on a basket of the main global currencies,’ Kuna news agency quoted central bank governor Sheikh Salem Abdul-Aziz al-Sabah as saying.
Meanwhile, five other members of the Gulf Cooperation Council (GCC) will likely not follow Kuwait in revaluing their currencies, the bloc’s secretary-general said.
“I don’t expect other member states to follow Kuwait’s revaluation move,” Abdul-Rahman al-Attiya told Reuters by telephone.
Oman’s central bank governor said Oman was still committed to keeping its currency pegged to the dollar.
“We are still committed to the dollar peg policy,” Hamood Sangour al-Zadjali told Reuters by telephone from Muscat.
“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.
http://www.tradearab...�O&artid=124047
Kuwait Revalues Their Dinar: 10/4/2010
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.
Kuwait also revalued its dinar, allowing the currency to appreciate 0.37 percent against dollar after months of market pressure on the exchange rate.
The new rate set by the central bank was $0.28806 compared with $0.28914.
‘Kuwait has decided, starting from today, that the exchange rate of the Kuwaiti dinar is to be based on a basket of the main global currencies,’ Kuna news agency quoted central bank governor Sheikh Salem Abdul-Aziz al-Sabah as saying.
Meanwhile, five other members of the Gulf Cooperation Council (GCC) will likely not follow Kuwait in revaluing their currencies, the bloc’s secretary-general said.
“I don’t expect other member states to follow Kuwait’s revaluation move,” Abdul-Rahman al-Attiya told Reuters by telephone.
Oman’s central bank governor said Oman was still committed to keeping its currency pegged to the dollar.
“We are still committed to the dollar peg policy,” Hamood Sangour al-Zadjali told Reuters by telephone from Muscat.
“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.
http://www.tradearab...�O&artid=124047