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The Supervision Sector at the Central Bank of Kuwait (CBK) assumes the responsibility of following up the implementation of the provision of Chapter Three of the Central Bank of Kuwait Law No. 32 of the year 1986, amended under Decree Law No. 130 of the year 1977, and all relevant regulations and instructions issued by CBK. The main purpose thereof is to ensure the soundness and stability of the banking and financial system in order to safeguard depositors, and insure that banking and financial units are abided by relative laws, resolutions and CBK instructions leading to proper application of monetary and credit policies.
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The department assumes the responsibility of monitoring the activities of banking and financial units (Banks, Investment Companies, Exchange Companies and Mutual Funds) to the aim of applicable laws, supervisory instructions and policies. . The On–Site Supervision Department is involved in reviewing applications of the establishment of new banking and Financial units and the licensing of branches for present units. Finally, the department assumes the responsibilities of combating money laundering, terrorist Financing and other suspicious transactions and propose the related policies and supervisory resolutions thereof. The aforementioned duties are performed through the following sections: Examination Section. Contact Details:
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The department assumes the responsibility of monitoring off-site duties cross the activities of banking and financial units, in order to ascertain the soundness and stability of the banking and financial System. The Off-site Supervision Department receives periodic financial returns from units subject to CBK supervision, issues the supervisory regulations, resolutions and instructions to such units, reviews and analyses up coming banking and financial trends and monitors their reflection on the soundness and stability of the units subject to CBK supervision. Also, the department assumes the responsibility of following up the related aspects of the Law No. 41 of the year 1993 of Difficult Debts and the relevant Laws. The aforementioned duties are performed through the following sections: Policies and Technical Studies Section. Contact Details:
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This Office is concerned with safeguarding CBKs assets through the application of the rules, by-laws and financial and administrative regulations. The Office also ensures the efficiency and effectiveness of the internal supervision procedures aimed at maintaining the confidentiality of data and information, and secures the full documentation of these procedures. Additionally, the Office verifies the integrity and soundness of financial and accounting data prepared by CBK. Contact Details:
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The Legal Office is concerned with monitoring the implementation of the Central Bank Law, the by-laws and decisions issued by CBK, and the legislations governing the banking and financial system in Kuwait. The Office delivers these functions by advising CBKs departments with regard to the legal aspects of their operations. The Legal Office also undertakes the preparation of economic and financial draft laws, when concerned government bodies request CBKs contribution. The functions of the Office also encompass answering legal queries addressed to the Bank regarding its operations or the operations of the banking and financial system in the State of Kuwait. Furthermore, the Legal Office prepares all legal memoranda submitted to courts in cases where CBK is involved. Contact Details:
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Contact Details:
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The main functions of this Department are to secure the Bank's requirements for equipment and supplies, to look after the premises and annexes, to supervise maintenance work for all equipment, and to provide the printing, packaging and binding of services. In addition, the Department is responsible for strengthening CBK's relations with local and international banks and economic and financial institutions through the exchange of economic reports and publications, the organization of conferences and seminars, and the participation in national ceremonies and occasions. The Department also assumes the safety and security functions for the protection of CBK's property, staff and clients. Contact Details:
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The Human Resources Department plans and follows up manpower resources and draws up its future plans. It sets up career orientation plans and defines training requirements. Furthermore, the department designs, coordinates and follows up training programs, and develops organizational and professional structures and work systems at the Bank. It assumes the responsibility of job description and performance evaluation; develops salary and benefit systems; selects and recruits professional cadres, and concludes all formalities and procedures related to their appointment. Furthermore, the department undertakes all matters related to salary accounts and professional services, and maintains and documents manpower information. Contact Details:
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Provide Information Technology services for all central bank sectors and departments, execute the Information Technology strategic plans, and develop the systems, applications and technology solutions; establish operational plans for all technical support and operations sections. Additionally, develop and implement the required plans for Information Technology service continuity and user support. Contact Details:
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Develop and maintain a strategic IT plan for the use of information technology by all sectors and departments of the central bank; establish Information Technology policies and procedures through studies and research, taking into consideration best international practices. In addition, review the current procedures and processes in all central bank operations to make it more efficient and streamlined; develop and ensure adherence and execution of Information Technology standards and manage all Information Technology projects effectively. Moreover, ensure continuous rise in Information Technology awareness, education and training. Contact Details:
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This Department keeps and manages the Government accounts in fulfillment of CBK's function as the bank of the Government, as well as keeping the accounts of local banks. The Department also extends credit facilities to local banks by discounting and rediscounting commercial papers or through the provision of loans in conformity with the relevant by-laws and instructions. Furthermore, the department handles the settlement of payments in between the banking community (check clearing, RTGS, etc…). Other duties performed by the Banking Operations Department include the keeping of internal accounts of CBK, such as preparing estimated budgets and closing accounts, CBK's balance sheet and profit and loss account and preparing periodic data and statements showing the financial position of CBK. The Department is also responsible for applying maximum-security levels in the provision and safe keeping of CBK's precious assets such as gold, bank notes, gold coins, and bonds. This is carried out as stipulated in the First Chapter of the Law No. 32 of 1968, amended by the Decree No. 130 of 1977 regarding all currency-related matters. Contact Details:
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This Department is concerned with following up and studying domestic and international economic developments, along with forecasting future economic directions and expected reflections on the performance of the economy of Kuwait. The Department also provides technical advice and carries out special studies required by CBK in the fulfillment of its objectives. Furthermore, the Department contributes to the advice and studies provided by CBK to the Government, as its economic advisor. Other functions of the Economic Research Department include collecting and analyzing periodic economic data received from several sources, publishing statistical bulletins and economic reviews, and preparing the balance of payments of the State of Kuwait. Contact Details:
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Information Technology & Banking Operations Sector is responsible for the overall Information Technology environment at CBK as well as banking services and operations offered by the Central Bank of Kuwait. It covers the activities of: Banking Operations Department, Information Systems & Operations Department, Information Strategic Planning Department & Information Technology Security Unit. Contact Details:
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Foreign Operations Department (FOD) is responsible for the execution of monetary policy. For that purpose it utilizes open market operations in government bills and bonds and conducts other operations in the local money market. In addition, FOD daily sets the exchange rate of the Kuwaiti Dinar against other currencies in accordance with Decree No.266/2002 pegging the KD exchange rate to the US Dollar within margins around a parity rate. FOD also formulates and implements policies with respect to the management of the CBK's official foreign reserves. Additionally, the Government of Kuwait's foreign currency transactions with respect to international trade, the production of letters of credit and exchange, etc. are handled within this Department. . Contact Details:
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The Central Bank of Kuwait is managed by a Board of Directors consisting of the Governor of CBK as chairman, the Deputy Governor of CBK, a representative from the Ministry of Finance and a representative from the Ministry of Commerce and Industry. In addition, four other members with experience in economics, finance and banking are appointed by decree for a three-year renewable period. The powers exercised by the Board of Directors, as specified by Article 26 of Law No. 32 of 1968, are as follows:
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Return to CBK Organizational Chart
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Return to CBK Organizational Chart
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Return to CBK Organizational Chart
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Return to CBK Organizational Chart
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Return to CBK Organizational Chart
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Return to CBK Organizational Chart