Press Releases

14.06.17Press Release: CBK Maintains Discount Rate at Current Levels

In a release to the press, His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, highlighted recent domestic economic, monetary and banking conditions and developments and their future trends, as well as the recent developments in US Dollar, interest rates and the key trends of CBK monetary policy. Dr. Al-Hashel noted that the continuous monitoring by CBK indicate a modest growth in domestic economic activity, supported by public expenditure, particularly capital expenditure, despite low crude oil prices, on one hand, and increasing interest rate on the US Dollar in light of the decision by US Federal Reserve on 14-06-2017 to raise further the interest rates on the other hand.

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06.05.17Press Release: CBK and AAOIFI Organize Workshop on Developing the Islamic Financial and Banking Business

The Central Bank of Kuwait (CBK) Organizes, in collaboration with "Accounting and Auditing Organization for Islamic Financial Institutions" (AAOIFI), a workshop on developing the Islamic financial and banking business and enhancing the related professional capabilities and know-how, held in CBK headquarters during Sunday & Monday 7-8 May 2017.

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04.05.17Press Release: Key Developments in the Balance of Payments of the State of Kuwait for the Year 2016

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for 2016 and the revised data of 2015. Data shows that the Current Account (which sums up transactions between domestic economy and other economies encompassing goods, services and income) recorded a deficit of KD 1510 million during 2016 (4.5% of total estimated 2016 GDP at current prices) against a surplus of KD 1208 million during 2015 (3.5% of 2015 GDP at current prices). The mentioned deficit in the current account reflects mainly the decrease in the value of oil exports on the one hand, and relative stability in the value of merchandise imports on the other causing a drop in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on FOB basis) to reach KD 6075 million during 2016 compared to KD 8396 million during the previous year. Furthermore, deficit in the Services Account ((Net) reflects the value of services transactions between residents and non residents, the most important of which are transportation, travel, communications, construction, other services and government goods and services) increased to reach KD 6353 million during 2016 compared to a deficit of KD 6011 million during the previous year.

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15.03.17Press Release: CBK Raises Discount Rate by a Quarter Percentage Point to 2.75% From 2.50%

His Excellency the Governor and Chairman of The Board of Directors of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced in a press statement that CBK Board of Directors decided to raise the discount rate by a quarter percentage point to 2.75% from 2.50% effective from 16-03-2017. The Governor added that this decision is based on the continuous monitoring by CBK of the domestic economic, monetary and banking conditions including movements of the KD interest rates in the domestic market taking into consideration movements in interest rates on major international currencies. Dr. Al-Hashel further explained that the decision to raise the discount rate reflects CBK’s efforts to ensure the continued competitiveness and attractiveness of the national currency as a store of domestic savings, which constitute a major source of funding provided by the local banking and financial units to the various sectors of the national economy and thus maintain a supporting environment for sustainable economic growth and development.

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31.01.17Press Release: CBK Approves Opening of a Second Branch of Al Rajhi in the State of Kuwait

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announces that CBK’s Board of Directors has approved the opening of a second branch of Al Rahji Bank in the State of Kuwait.

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14.01.17Press Release: CBK Announces Scholarship Program for Master Degree

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the third year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

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