Press Releases

CBK's Board of Directors decided to raise the discount rate to 4.75% instead of 4.50% effective today 15-12-2004. H.E. the Governor of CBK Sheikh Salem Abdulaziz Al Sabah announced the decision in a press release to the Kuwait News Agency (KUNA). H.E. the Governor explained that the decision came within CBK's monitoring of both domestic and international economic and monetary developments, and the rise in interest rates on international currencies especially the US Dollar which the KD exchange rate is pegged to within specific margins, and the efforts of CBK to ensure the consistency between interest rates on the KD and on international currencies especially the US Dollar.

H.E. the Governor added that ensuring the relative competitiveness of the national currency as a store for domestic savings requires the maintenance of an adequate margin in favor of the KD between interest rates on the KD and on other major currencies especially the US Dollar so as to enable local banks to attract KD deposits which they use to satisfy the financing requirement of their clients.