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Aug 10 (Reuters) – The Central Financial institution of Kuwait raised its low cost fee by 25 foundation factors to 2.75% efficient from Thursday, it stated in a press release on Wednesday.
The choice was in response to inflationary pressures, financial institution Governor Basel al-Haroon stated within the assertion.
The financial institution had additionally elevated the speed by 25 bps on July 27, after a 75 bps hike by the U.S. Federal Reserve.
All Gulf nations have their currencies pegged to the greenback besides Kuwait, which pegs its dinar to a foreign money basket together with the greenback.
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Reporting by Lilian Wagdy and Ahmed Hagagy ; writing by Mahmoud Mourad and Lilian Wagdy; modifying by Jonathan Oatis and John Stonestreet
Our Requirements: The Thomson Reuters Belief Rules.
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