KUWAIT, Nov 21 (KUNA) -- The Central Bank of Kuwait hiked the exchange rate of the Kuwaiti dinar to the US dollar on Wednesday, bringing it to 274.4 fils per dollar, the largest raise in a single day since July.
General Manager of Al-Muzaini Exchange Co. Jamal Zayed told KUNA that bringing the exchange rate up from yesterday's 275.95 fils to the dollar to 274.4 fils was attributed to pressure that the US dollar had come under in global markets, especially against the euro, Swiss franc and the Japanese yen.
Since de-pegging the dinar from the dollar in May, the Central Bank of Kuwait has been employing a monetary policy that maintains the stability of the national currency.
The dinar was pegged to the dollar between January 5, 2003 and May 19, 2007. As of May 20, 2007, the exchange rate of the dinar against the dollar was pegged to an undisclosed weighted basket of international currencies of Kuwait's major trade and financial partner countries, thus reverting back to the exchange rate policy followed prior to 2003.
