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Kuwait central bank raises discount rate by 25 bps

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Kuwaiti central bank governor Basel Al-Haroon says decision was in response to inflationary pressures

The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75 percent 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 US 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.