19.03.24 Press Statement

The Sixth Edition (March 2024); "AI, between Advantages and Challenges"

The Central Bank of Kuwait (CBK) releases the sixth edition (March 2024) which is one of the quarterly series the CBK has been issuing since November 2022, as part of the CBK’s ongoing efforts to keep abreast with the global trends of central banks in enhancing disclosure and transparency by covering some carefully selected economic, monetary and banking topics with the aim to raise awareness and highlight CBK’s efforts on the area of monetary and financial stability. The sixth edition (March 2024) comes under the title "Artificial Intelligence: Advantages and Challenges". The first section of the report, entitled "Artificial Intelligence and the Economy", reviews the most important channels through which AI technology impacts gross domestic product and offers a comprehensive overview of global companies' investments in the field of AI technology. The second section, entitled "Channels of the Impact of Artificial Intelligence Technologies on the Labor Market," examines how AI technology impacts the labor market in particular, and the extent to which aspects of its impact vary between advanced economies, emerging market and developing countries. The third section, entitled "Potential AI Applications for Central Banks’ Business," presents the most significant AI capabilities that can potentially enhance central banks business at various levels to achieve financial stability and avoid systemic risks. The fourth section, entitled "Recent Examples of AI Applications in the Field of Banking and Financial Services," sheds light on various aspects of AI applications to enhance banking and financial services quality, while presenting some examples of AI applications by a number of world banks. The fifth section, entitled "Challenges and Risks," addresses the most important challenges posed by use of AI technology on economic and social level. An explanatory box on the monetary trends of the major global central banks is also included herein. This report is the first in this series issued for the year 2024.

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15.03.24 Press Statement

Fitch Ratings Affirms State of Kuwait Sovereign Credit Rating at (AA-); Outlook Stable

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07.03.24 Press Statement

CBK Celebrates International Women’s Day

As part of Central Bank of Kuwait’s drive to empower women to fulfil their vital role in development, the Bank affirmed its support to women, as it provides one of the most prominent examples of women’s active role within Kuwaiti society in all professions and their marked performance across sectors.

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20.02.24 Press Statement

New Extension of the Real Time Gross Settlement System’s (KASSIP) Working Hours

As part of CBK’s 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 14/2/2024 extending the working hours for the Real Time Gross Settlement System (KASSIP), for an additional hour, starting Tuesday 20/02/2024.

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19.02.24 Press Statement

CBK Honors the Graduates of the 15th Session of Harvard Business School’s Executive Development Program

Under the patronage of the Governor of the Central Bank of Kuwait (CBK) and Chairman of the Board of Directors of the Kuwait Institute of Banking Studies (KIBS), Basel A. Al-Haroon, CBK honored the graduates of the annual executive education program delivered by Harvard Business School, titled “Navigating the Future: Leading Financial Institutions in an Era of Innovation and Transformation”. This program aims to develop executives in the banking and financial sector and is a part of the “Kafa’a” initiative to develop national cadres which was launched by CBK in cooperation with Kuwaiti banks and managed by KIBS.

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14.02.24 Press Release

CBK launches “Small and Medium Enterprises Financing Survey”

In its continued efforts to provide a business-friendly environment that helps companies obtain appropriate financing, the Central Bank of Kuwait (CBK) launched "Small and Medium Enterprises Financing Survey”. This recently launched questionnaire is comprehensive and sheds light on the process of obtaining credit and utilization thereof.

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24.12.23 Press Statement

Kuwait Clearing Company joins Real Time Gross Settlement System (KASSIP)

The Central Bank of Kuwait (CBK) announced that Kuwait Clearing Company (KCC) has now joined the Real Time Gross Settlement System (KASSIP), effective Sunday 24/12/2023 upon completion of automated linking and passing the technical tests. The system would thereby execute final settlements for financial transactions conducted through Maqasa company. This step was made possible through cooperation on the part of the CBK, Capital Markets Authority, and KCC.

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24.12.23 Press Release

CBK Opens Applications for the 12th Round of KGDP for Graduates Seeking Banking Career

Under the Kafa’a initiative launched by the Central Bank of Kuwait (CBK) in cooperation with Kuwaiti banks and managed by the Institute of Banking Studies (KIBS), and within CBK’s strategic vision aiming at national capacity building to support the country’s development, the KIBS will be receiving applications for the twelfth round of the Kuwaiti Graduates Development Program (KGDP) for a career in the banking sector. Applications to the program will be accepted from 24 December 2023 until 1 February 2024. This program provides new graduates with the opportunity to train in the banking field, and aims to build their skills through theoretical and field training over a year at Kuwaiti banks and at prestigious international institutions. The program also provides participants with the opportunity to gain practical and professional experience, to provide the banking sector with highly qualified young national talents.

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16.12.23 Announcement

CBK Mourns the Sad Demise of Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Amir of the State of Kuwait

The Central Bank of Kuwait (CBK) mourns the sad demise of Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, The Amir of the State of Kuwait.
And in observance of the decision of the Council of Ministers, CBK will be closed for three business days, resuming work on Wednesday, 20th of December 2023.

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12.12.23 Press 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.

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