The Central Bank of Kuwait (CBK) on Tuesday, September 18, cut its discount rate by half a percentage point to 4.75 percent, the sixth such cut this year, the official news agency KUNA reported.
"This decision is due to a continuous reduction of interest rates of major currencies, which gave the central bank more freedom to reduce the discount rate on the Kuwaiti dinar," the bank's governor, Shaikh Salim 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
© 2001 Mena Report (www.menareport.com )