Press Releases
CBK Offers Regulatory Stimulus Package for Local Banks to Face Coronavirus Fallout
The Central Bank of Kuwait (CBK) announced today it has adjusted its regulatory instructions and macro prudential policy tools to empower the banks’ ability to perform their vital role, provide financing to productive economic sectors, and offer liquidity to help businesses continue operations. This aims to avoid turning a shortage in liquidity from turning into long-term solvency issues. These instructions are part of previous actions taken to support vital economic sectors and enterprises with added value to the local economy and to support people and small and medium enterprises and businesses who have been negatively affected by the current circumstances.
MoreCBK Cuts its Discount Rate by 1% from 2.50% to 1.50%
The Central Bank of Kuwait’s Board of Directors has decided on 16 March 2020 to cut the discount rate 1% (from 2.5% to 1.5%) effective from 17 March 2020. This decision is part of the preventative measures the CBK has taken to contain the negative impact of the COVID-19 outbreak on the global and national economic growth, in addition to the steep decline in oil prices and its impact on Kuwait’s fiscal position, and the 15 March 2020 Federal Reserve decision to cut interest rates by 1%.
MoreCBK Assures Smooth and Safe Banking Operations
The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that banks were instructed to ensure uninterrupted access to financial services to serve customers and the national economy in light of precautionary efforts to curb the spread of Covid-19, and to maintain financial stability in the country.
MoreCBK Sets Up Fund to Support State Efforts Against Novel Coronavirus
The Central Bank of Kuwait (CBK) announced, Sunday March 8, 2020, the establishment of a KD 10 million fund that would support the State of Kuwait’s efforts to combat the spread of the novel Coronavirus, funded by Kuwaiti banks for that purpose. This comes as part of its national and social contributions amid the increasing spread of Coronavirus disease (COVID-19) globally.
MoreCBK Cuts its Discount Rate by a Quarter Percentage Point from 2.75% to 2.50%
In light of the uncertainty of global economic growth prospects, and the negative impact of the coronavirus outbreak on global economic activity and international trade and decrease in total demand rates and domestic product. In addition to the Fed’s decision, on March 3, 2020, to cut the interest rate 0.5 percentage points in the face of risks posed by coronavirus to economic activities.
The Central Bank of Kuwait Board of Directors decided today, on March 4, 2020, to lower the discount rate 0.25 percentage points (from 2.75% to 2.50%).
CBK Introduces Cyber Security Framework for the Kuwaiti Banking Sector
The Central Bank of Kuwait (CBK) announces the completion of a Strategic Cyber Security Framework for the Kuwaiti Banking Sector in the State of Kuwait.
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CBK Emphasizes the Protection of the Banking and Financial System from the Risks of Money Laundering
The Central Bank of Kuwait (CBK) Emphasizes the Protection of the Banking and Financial System from the Risks of Money Laundering.
MoreCBK Statement on The IMF Article IV Consultation for Year 2020
The Central Bank of Kuwait (CBK) press statement on the International Monetary Fund (IMF) mission to the State of Kuwait from January 7th through January 20th, 2020.
MoreCBK Invited to Become a Member of the Bank of International Settlements
The Central Bank of Kuwait received an invitation today to become a member of the Bank of International Settlements (BIS). In a statement, His Excellency the Governor of the Central Bank of Kuwait Dr. Mohammad Y. Al-Hashel said, “We are very pleased with this announcement and the Central Bank of Kuwait has accepted the invitation and aims to become an effective member of this prestigious organization. The BIS underscores international cooperation between central banks and financial authorities around the world and works towards collectively pursuing global monetary and financial stability.”
MoreCentral Bank of Kuwait Governor, Dr. Mohammad Y. Al-Hashel to Helm IILM Chairmanship for 2020
The Governing Board of the International Islamic Liquidity Management Corporation (IILM) has appointed His Excellency Dr. Mohammad Y. Al Hashel, the Governor and Chairman of the Board of Directors of the Central Bank of Kuwait, as its Chairman for year 2020. Similarly, the Governor of Qatar Central Bank, His Excellency Sheikh Abdulla Saoud Al-Thani, has been appointed as the Deputy Chairman of the Governing Board for the same year. The new appointments take effect on 1st January 2020.
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