forex trading outlook today - Kuwaiti dinar forecast 2012 ; The exchange rate of the US dollar against the Kuwaiti dinar rose to KD 0.278, and the Euro dropped to KD 0.362 against the Kuwaiti dinar on Thursday, said the daily bulletin of the Central Bank of Kuwait (CBK).
The Sterling pound stood at KD 0.435, the Japanese yen remained at KD 0.
003, and the Swiss franc exchange dropped to KD 0.296.
Central Bank not considering devaluation of Dinar
The Central Bank of Kuwait (CBK) is not considering the option of decreasing the value of Kuwaiti Dinar to increase the country’s revenues “as such a measure will erode trust in the currency,” Al-Jarida daily quoted Director of Economic Research Department at CBK Sami Al-Anba’e as saying.
Earlier, acting Finance Minister Mustafa Al-Shamali had warned that the measure, which is very risky, might have to be taken due to the huge increase in the State’s general budget.
Speaking at a seminar “Reducing the value of Kuwaiti Dinar,’ organized recently by Kuwait Accountants and Auditors, Al-Anba’e said the step is not good for the country as it will lead to a steep hike in the cost of commodities Kuwait totally depends on. Therefore, the country’s economy will be harmed.
Al-Anba’e stressed the necessity of curbing expenditure and consumption by imposing taxes over luxurious and unnecessary commodities. He added that Kuwaiti Dinar is a reliable currency due to the independence of CBK, the main decision-maker in such issues. He mentioned that the value of Kuwaiti Dinar was not much affected since it was pegged with the basket of currencies in 2007.
The Sterling pound stood at KD 0.435, the Japanese yen remained at KD 0.
003, and the Swiss franc exchange dropped to KD 0.296.
Central Bank not considering devaluation of Dinar
The Central Bank of Kuwait (CBK) is not considering the option of decreasing the value of Kuwaiti Dinar to increase the country’s revenues “as such a measure will erode trust in the currency,” Al-Jarida daily quoted Director of Economic Research Department at CBK Sami Al-Anba’e as saying.
Earlier, acting Finance Minister Mustafa Al-Shamali had warned that the measure, which is very risky, might have to be taken due to the huge increase in the State’s general budget.
Speaking at a seminar “Reducing the value of Kuwaiti Dinar,’ organized recently by Kuwait Accountants and Auditors, Al-Anba’e said the step is not good for the country as it will lead to a steep hike in the cost of commodities Kuwait totally depends on. Therefore, the country’s economy will be harmed.
Al-Anba’e stressed the necessity of curbing expenditure and consumption by imposing taxes over luxurious and unnecessary commodities. He added that Kuwaiti Dinar is a reliable currency due to the independence of CBK, the main decision-maker in such issues. He mentioned that the value of Kuwaiti Dinar was not much affected since it was pegged with the basket of currencies in 2007.
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