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Kuwait revalues dinar
- Kuwait: Thursday, May 11 - 2006 at 16:58
Kuwait's Central Bank has revalued the Kuwaiti dinar to allow an appreciation of 1%, leading to a sharp rise against the US dollar, reported Reuters. The action was taken after the US Fed raised interest rates by a quarter of a point, prompting Kuwait to raise its repo rate to 5.625%. Banking sources speculated that Saudi Arabia could also revalue its currency.
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James McInerney, News EditorThursday, May 11 - 2006 at 16:58 UAE local time (GMT+4)
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