The Central Bank of Kuwait (CBK) on Tuesday, October 30 cut its discount rate by half a percentage point to 4.25 percent, the seventh such cut this year, the official news agency KUNA reported.
"The decision is due to a continuous reduction of interest rates of major currencies ... and the continuation of growth in the private sector's deposits in Kuwaiti dinars at local banks," the bank's governor, Sheikh Salem Abdul Aziz Al-Sabah told KUNA. The oil-rich Gulf state's currency is pegged to a basket of currencies, mainly the US dollar. — (AFP, Kuwait City)
© Agence France Presse 2001
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