Press Releases

12.12.23Press Statement

Extending the Working Hours of the Real Time Gross Settlement System ( KASSIP) between Participants

As part of its efforts to develop the banking sector and improve its banking services to raise the efficiency of payment systems as being a main anchor in maintaining monetary and financial stability in the State of Kuwait, and in light of the roles and responsibilities entrusted to CBK to develop payment systems and ensure the soundness and security of financial transactions. The Central Bank of Kuwait (CBK), the operator and regulator of the national payment systems’ infrastructure, issued a circular to all local banks on 06/12/2023 extending the working hours for the Real Time Gross Settlement System (KASSIP). As such, the working hours shall start from 7 am to 5:15 pm instead of 4:15 pm starting Tuesday 12/12/2023. This decision is made with the aim of enhancing the quality of financial services provided to the public in a manner that meets the needs of several segments of the society, as well as to serve all sectors of the national economy.

It is worth noting that the said extension of KASSIP working hours at the end of the working day is the third during this year. The first extension was on 08/05/2023 from 2:15 pm to 3:15 pm, while the second extension was on 04/09/2023 to 4:15 pm. This decision to extend the working hours to 5:15 pm is based on a thorough analysis of the market’s needs and an examination of the number of financial transactions carried out during the previous extended periods.

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