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KWD at record high against US Dollar June 8, 2008

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The Kuwaiti Dinar reaches a record high against US Dollar to .26480 fils per US Dollar (or $3.7764 per KD).

Kuwait’s inflation rate at record high June 3, 2008

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Kuwait’s inflation rose for a third month reaching a new record high of 10.14% driven by higher food costs and rents.

  • Housing costs rose 16.1%
  • Food costs gained 9.22%
  • Beverages and tobacco increased 14.9%

The All Items Consumer Price Index advanced to 127.1 points in the year to the end of February from 115.4 points states the Central Bank of Kuwait’s website.

 

Previous inflation figures were as follows (chronological):

 

  • October 7.26%
  • November 6.68%
  • December 7.54% 
  • January 9.5% (previous record)
  • February 10.14% (new record)

Oman index at record highs June 2, 2008

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Oman closed at a record high for the third day. The Gulf Arab region’s best performer climbed 0.32 percent to 11,591.88 points. The rise was led by Shell Oman Marketing rose 3.5 percent and Ominvest 2.34 percent. Funds are flowing into the market, including Al Anwar Holding’s initial public offering of Voltamp. Oman’s measure is up nearly 28 percent so far this year to Thursday’s close.
“There are reports in local newspapers that Voltamp’s IPO is oversubscribed six times”
- Shantonu Roy, Amwal Investment

Kuwaiti Dinar at record strength against US Dollar May 25, 2008

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USD/KWD all data chart

The Kuwaiti Dinar (KWD) has reached record strength against the US Dollar (USD) reaching .26490 fils per US $1.00 on Sunday.

Euro is finally back down May 8, 2008

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Following a record high in the Euro 2 weeks ago, the currency is back down to a 2 month low. The European Central Bank (ECB) is expected to keep interest rates steady at 4% in a meeting later today.

“The euro may test lower below $1.52 over the next week as markets seek adjustments after the recent dollar selling and euro buying… The focus today is on the ECB. If Trichet makes hawkish comments as usual, the euro will be bought back at once.”

- Kengo Suzuki, Shinko Securities

The Euro/Kuwaiti Dinar rate today is 1 Euro for .410 fils

Kuwait stock exchange rises to life-time high May 4, 2008

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The Kuwaiti Stock Exchange rises to a life-time high, lifted by investor hopes that elections this month are viewed as a positive sentiment in the market. The Kuwait Stock Exchange’s benchmark index increased .62% on Sunday and is at 14,847 points (after hitting a record high of 14,859.20 points). The market is expected to increase and hit new highs throughout the coming days to the election on May 17.

“Investors are waiting to see what will happen in the election. If it’s positive, then the market will remain in good shape” 
- Abdulmohsen al-Bahar, Noor Investment

Kuwait: Record inflation level April 8, 2008

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The annual consumer inflation in Kuwait has just been reported at 7.54% in December 2007. Government data shows that the Consumer Price Index (CPI) rose to 124.1 points at December 31, compared with 115.4 a year earlier.

Last three inflation figures were as follows (chronological):

  • October 7.26% (previous record)
  • November 6.68%
  • December 7.54% (New Record)

(more…)

Kuwaiti Dinar rises to strongest point March 27, 2008

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Dollar KD Graph

Kuwaiti Dinar rises to to its strongest point since dropping the peg.

  • Todays mid point     .26530 (3.7693)
  • Change (from previous day)      0.41%
  • Change since May 19, 2007      8.99%

The recent rise in the Kuwaiti Dinar is due to the dollars decline overnight to reach near record lows against the majors.

Record setting Saudi inflation report, more cuts in Qatar March 23, 2008

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According to the central department of statistics in Riyadh, annual inflation in Saudi Arabia has surged to 8.67% last month from 6.99% in January. The inflation in the economy is primarily caused by a peg to the ailing US Dollar.The repercussions from the dollar peg created an all time record of inflation rate in January, only to be exceed by the latest inflationary reports for February. At the moment the Saudi inflation rate is the highest in 25 years. Pressure on the Gulf countries to revalue their currencies against the US Dollar are mounting.The pressure to revalue has pushed the Qatari Central bank to raise the reserve requirement for banks by one percent. The decision has forced lenders to keep more money in the vaults preventing the falling interest rates from a further rise in inflation. This is in addition to the previous depository facility rate decrease. Earlier last week statments from Sheikh Abdullah bin Saud al-Thani, Qatari Central Bank Governor sparked a wave of speculators to enter into Qatari Riyal positions.

Cash is dead, viva credit March 20, 2008

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The statement “cash is king” is slowly being replaced by viva credit. Paperless transactions have over taken the shopping areas as being simpler, cleaner, more efficient, and faster than cash. Based on this – and a lot more – during one of the worst credit crisis’ in history, Visa decides to go ahead with its IPO.

The Visa IPO drew “Extreme demand” according to Scott Sweet of the research firm IPO Boutique. Most of the investors were dissatisfied by their allocation and decided to purchase more when the market began trading this week. The IPO launched at $42 has now reached $65 per share in its first week of trading. The Kuwait Investment Authority, among other sovereign funds, have shown interest in investing (or perhaps increase their shares). (more…)