Kuwait to post 08/09 surplus
Oil revenues in the world's seventh-largest oil exporter would be higher than expected due to a stronger dollar, NBK said in a research note. Kuwait's biggest bank had in December forecast a surplus of KWD1.8 bn.
The Gulf Arab state has depreciated its dinar below levels before it dropped a dollar peg in May 2007 in what analysts say is aimed at offsetting a recent rise in the dollar and boosting oil revenues paid in dollar.
On Sunday, the central bank let the dinar
The Opec producer posted a budget surplus of KWD6.78 bn in the first ten months.
For 2009/10, NBK said Kuwait could post a surplus of up to KWD7.1 bn or in a worst case scenario a deficit of KWD1.7 bn, due to uncertainties over the oil price.
Kuwait will base its new budget on a preliminary oil price of $35 a barrel, down from $50 last year, the head of the budget committee said this month. The cabinet has yet to approve the figure.
Kuwait crude, the country's main earner, fell to $37.19 a barrel, state news agency KUNA said on Thursday.
Kuwait posted a surplus of KWD9.32 bn in 2007/08.
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