Press Releases

02.11.22Press Statement

Domestic and International Economic Developments

The Central Bank of Kuwait (CBK) continuously monitors all international economic, monetary and geopolitical developments and their impact on the global economic conditions. In light of these developments and their repercussions, and based on the requirements and conditions of the unique nature of each economy, including our national economy, the CBK affirms that the available local economic and financial data and information confirm continued soundness and resilience of the monetary and financial stability conditions in the State of Kuwait.

In the context of the CBK’s follow-up on the indicators of domestic inflation within the indicators of monetary stability, the local inflation rate in the consumer price index slowed down after soaring to an all-time peak of 4.71% in April 2022 to reach 3.19% during September 2022. Additionally, the KD exchange rate continued its relative stability against the major currencies. On the other side, residents’ deposits with banking sector increased by 5.2% at end of September 2022 compared to end of 2021. The total private sector’s deposits in KD accounted for 95.4% of the total private sector’s deposits at end of September 2022. Moreover, credit facilities for residents and non-residents inched up by 7.9% during the mentioned month compared to end of the previous year.

In this regard, the CBK is keen to activate and enhance all available instruments to achieve its objectives, such as conducting money market interventions to regulate liquidity. This comes within CBK monetary policy aimed at maintaining the monetary and financial stability of the banking and financial sector’s units, and the attractiveness of the national currency as a store of the local savings, and fostering an atmosphere conducive to sustainable economic growth.

CBK emphasizes its continued vigilant monitoring of the local and international economic and monetary developments to, whenever appropriate, undertake any additional measures to safeguard monetary and financial stability.

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