EFTA01379409.pdf

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Kuwait The Kuwaiti dinar was introduced in 1961 under the USD/KWD spot Kuwait Currency Board which had the authority to 31 issue notes and coins. The Central Bank of Kuwait (CBK) was established in 1969 with a wider role in 0.30 setting monetary policy. From March 1975 - January 039 2003 Kuwait fixed its exchange rate to an undisclosed 0.38 currency basket which was estimated to be heavily weighted in USD. Kuwait changed its exchange rate 0.33 regime to a +1-3.5% band around a central USD parity 036 (0.29963/USD) in January 2003 as other Gulf Cooperation Council (GCC) countries moved their SDR 0.35 pegs to official USD pegs in the run up to the proposed 0.14 GCC common currency in 2010. In May 2007, the 2009 2009 3010 2011 1012 2013 2014 1025 2016 2017 country reverted back to a peg against an undisclosed USOIXIVO currency basket against a backdrop of broad-based twee 04040. art Iletrnberp &tow IP USD weakness and rising inflation. Our estimate for basket composition is 75% USD, 16% EUR, 5% JPY, 4% GBP. USD/KWD and KWD 3M implied yield CBK's principle activity is to issue the Kuwaiti Dinar on IS 03 behalf of the State of Kuwait. It is also mandated with 16 03 assisting the growth of the national income and IA 03 controlling the banking system in the country. 12 03 10 03 The dinar is fully deliverable and convertible. OM 03 04 03 0.4 03 03 03 00 03 ce des 4 4 , 4 1 ,1 4, 1 40 1 1 / # 9 # USI)A9W1) In linked yolk ihs —USWAVD4In Skeet —Sink Page 68 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076871 CONFIDENTIAL SDNY_GM_00223055 EFTA01379409