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UPDATE 1-Kuwait central bank raises discount rate by 25 bps

Reuters
·1 min read

(Adds details, context)

Aug 10 (Reuters) - The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75% effective from Thursday, it said in a statement on Wednesday.

The decision was in response to inflationary pressures, bank Governor Basel al-Haroon said in the statement.

The bank had also increased the rate by 25 bps on July 27, after a 75 bps hike by the U.S. Federal Reserve.

All Gulf countries have their currencies pegged to the dollar except Kuwait, which pegs its dinar to a currency basket including the dollar. (Reporting by Lilian Wagdy and Ahmed Hagagy ; writing by Mahmoud Mourad and Lilian Wagdy; editing by Jonathan Oatis and John Stonestreet)