الرئيسية
Governor of the Central Bank of Kuwait, Sheikh Salem
Abdulaziz Al-Sabah, has resigned in protest against the oil-rich Gulf
state's steep rise in spending, local media reported on Monday.
Al-Qabas newspaper said the 61-year-old chief banker quit after
"objecting to the negative developments in the state's fiscal policy and
its dangerous consequences on the national economy."
Sheikh Salem, in the post for over 25 years, was behind the decision
in May 2007 to de-peg the Kuwaiti dinar from the US dollar and re-link
it to a basket of currencies in a bid to limit the impact of high
inflation.
He has frequently warned in public of the government's highly
expansionary fiscal policy and the rapid rise in spending on the future
of Kuwait.
Buoyed by 12 consecutive years of large budget surpluses thanks to
high oil prices, spending has more than tripled over the past six years
from just $23 billion to over $70 billion, mostly on wages, subsidies
and grants, based on official figures.
Abdulaziz Al-Sabah, has resigned in protest against the oil-rich Gulf
state's steep rise in spending, local media reported on Monday.
Al-Qabas newspaper said the 61-year-old chief banker quit after
"objecting to the negative developments in the state's fiscal policy and
its dangerous consequences on the national economy."
Sheikh Salem, in the post for over 25 years, was behind the decision
in May 2007 to de-peg the Kuwaiti dinar from the US dollar and re-link
it to a basket of currencies in a bid to limit the impact of high
inflation.
He has frequently warned in public of the government's highly
expansionary fiscal policy and the rapid rise in spending on the future
of Kuwait.
Buoyed by 12 consecutive years of large budget surpluses thanks to
high oil prices, spending has more than tripled over the past six years
from just $23 billion to over $70 billion, mostly on wages, subsidies
and grants, based on official figures.