GCC currency uncertain after Kuwait abandons dollar peg

- By FX Markets Staff
- @FXMarkets_
- 28 May 2007

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The Central Bank of Kuwait (CBK) took the decision on May 20, in an effort to curb inflationary pressure caused by the alliance to a sliding dollar, according to a statement by the central bank to the Kuwaiti national news agency. Kuwait’s inflation increased by 4.0% year-on-year in Q1 2007, well above its target of 2.0%, according to CBK figures.

The GCC states began linking their currencies to the dollar in 2003, in preparation for economic integration and a common currency by 2010. The other

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