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Kuwait central bank raises discount rate by 25 bps to 3% – statement

Published 09/21/2022, 02:26 PM
Updated 09/21/2022, 02:35 PM
© Reuters. FILE PHOTO: The Kuwait Central Bank towers are pictured over the traditional Dhow harbor as business deals and institutional lending for Gulf have frozen, following an outbreak of coronavirus disease (COVID-19), in Kuwait City, Kuwait March 18, 2020. REUT

© Reuters. FILE PHOTO: The Kuwait Central Bank towers are pictured over the traditional Dhow harbor as business deals and institutional lending for Gulf have frozen, following an outbreak of coronavirus disease (COVID-19), in Kuwait City, Kuwait March 18, 2020. REUTERS/Stephanie McGehee/File Photo

(Reuters) - The Central Bank of Kuwait said on Wednesday it will increase its discount rate by 25 basis points to 3% as of Thursday, after the U.S. Federal Reserve's three quarters of a percentage point rate hike.

The Kuwaiti dinar is pegged against a basket of currencies that includes the dollar, which gives it more flexibility to stray from Fed policy than other Gulf Arab countries, which have their currencies tied to the dollar.

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