Kuwait removes dinar's dollar peg

The central bank of Kuwait de-linked its currency, the dinar, from the depreciating dollar on 20 May and opted for an exchange rate mechanism tied to a basket of other currencies.

After the development, the dinar's exchange rate with the dollar moved to $0.228806, an appreciation of about 0.37%. Reports quote Kuwait's central bank governor as saying the country is still committed to monetary union with other Gulf states.

According to the central bank, the dollar's slide against other currencies