18.04.24 Press Statement

CBK Hosts a Workshop on Monetary Policy provided by IMF’s Middle East Center for Economics and Finance (CEF)

The Central Bank of Kuwait (CBK) hosted a workshop for GCC officials on selected issues in monetary policy, organized by the International Monetary Fund's Middle East Center for Economics and Finance (IMF-CEF) April 16-18, 2024. The bank said this comes part of efforts to train national and GCC cadres, enhance monetary policy approaches, and implement global best practices in this field, adding that the attendees are representatives of GCC central banks and monetary authorities.

16.04.24 Press Statement

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

In continuous of Central Bank of Kuwait efforts to enhance the quality and sustainability of financial services provided by the banking sector in line with a vision aimed at achieving round-the-clock financial services that accommodate the needs of several segments of the society, and serve all the national economic sectors, CBK, as the operator and regulator of the national payment systems infrastructure, issued a circular to all local banks on 15/4/2024 extending the working hours for the Real Time Gross Settlement System (KASSIP) starting Monday 22/4/2024.

07.04.24 Press Statement

CBK Adds 5 New Companies to e-Payment Services Providers, e-Money Services Providers & e-Payment Systems Operators Register

Continuing its efforts to boost innovation in financial services, enhance electronic payment services and regulate these activities, ensure providing high-quality, efficient and secure services to the public, and improve effectiveness and flexibility of financial transactions, the Central Bank of Kuwait (CBK) approved the registration of four companies to practice as e- Payment Services Providers (EPSP), and one company as an e-Payment Services Operator (EPSO).

03.04.24 Press Release

CBK Honors Distinguished Supporters of "Diraya" Campaign for the Year 2023

The Central Bank of Kuwait (CBK) honors distinguished supporters of "Diraya" campaign for the year 2023.

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.

15.03.24 Press Statement

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

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

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.

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.

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.

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.

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.

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.

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.

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.

03.12.23 Press Statement

CBK's 51st Annual Report (2022/2023)

The Central Bank of Kuwait (CBK) released its 51st edition of the Annual Report for the Fiscal Year 2022/23 including the foremost monetary and banking developments, as well as the CBK’s efforts to maintain the monetary and financial stability. The report contains the auditors’ report on the Bank’s financial statements as of 31 March 2023.

03.12.23 Press Statement

CBK Giving Special Attention to People with Disabilities

As part of its’ endeavors to enhance financial inclusion, the Central Bank of Kuwait (CBK) continues to devote its attention towards the banking sector’s special needs customers and provide them with banking and financial services that align with their needs through its supervisory instructions to Kuwaiti banks, and its continuous monitoring of the services provided to this particular segment.

26.11.23 Press Statement

CBK Launches the Third Cohort of the "Risk Management Leaders Program"

As part of the Central Bank of Kuwait’s (CBK) strategic endeavor to build highly qualified national cadres in various financial and banking fields, and develop risk management capabilities, which has great importance in enhancing the banking environment and in fortifying financial operations, the Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies (IBS) Basel A. Al-Haroon, launched the third cohort of the Risk Management Leaders Program, within the Kafa’a initiative undertaken by the CBK in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (IBS).

19.11.23 Press Statement

CBK Launches the Fifth Round of the "Certified Shari’ah Auditor" Certificate Program

The Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies, Basel A. Al-Haroon, announced the launch of the fifth round of the Certified Shari’a Auditor Certificate Program. The program aims at enhancing the governance of Shari’a supervision in the Islamic banks in Kuwait and reinforcing Shari’a auditing in such banks. The program was launched as part of the Kafa’a initiative by CBK in collaboration with Kuwaiti banks and is managed by the Kuwait Institute of Banking Studies (KIBS).

16.11.23 Press Release

CBK Announces the 15th Session of Harvard Business School (HBS) Program for Banking and Financial Executives

The Governor of the Central Bank of Kuwait (CBK) and Chairman of the Board of Directors of the Institute of Banking Studies (KIBS), Basel A. Al-Haroon, announced that KIBS will present the fifteenth cohort of the Harvard Business School Program, designed to develop executives in GCC banks and financial institutions, in light of the changes in the business world, and the needs of the banking and financial sectors.

09.11.23 Press Statement

CBK Governor Honors the Winners of "2022 Kuwaiti Economic Student Award" and Announces the Launch of "2023 Kuwaiti Economic Student Award"

The Central Bank of Kuwait (CBK) held a ceremony to honor the winners of the “Kuwaiti Economic Student Award”. The CBK Governor and Chairman of the Institute of Banking Studies (IBS), Basel Ahmed Al-Haroon, and a host of elite banking sector figures attended the event on Thursday, November 9, 2023, at CBK Headquarters.

06.10.23 Press Statement

CBK & Kuwait Institute of Banking Studies Honors the 3rd Cohort of the “Cybersecurity Leaders Program” Graduates

Under the patronage of the Governor of the Central Bank of Kuwait (CBK) and Chairman of the Institute of Banking Studies (IBS), IBS honored the graduates of the 3rd cohort of the “Cybersecurity Leaders Program” held from 16 July to 05 October 2023, as part of the strategic cooperation with SANS Academy (Cybersecurity Training Institute) and the Bank of International Settlements (BIS). This program is part of “Kafa’a” initiative launched by CBK in cooperation with Kuwaiti banks to develop and qualify national cadres through the management of the Kuwait Institute of Banking Studies since 2018.

25.09.23 Press Statement

The Initiative to Launch CBK Purchasing Managers’ Index

As part of its efforts to achieve further progress in providing adequate information and data and making them available in due time to monitor the developments of the local economic activities, thus allowing policy makers and interested parties, e.g. investors or relevant international and global organizations, to observe the economic conditions and policies in a manner that fosters informed decision-making, the Central Bank of Kuwait (CBK) developed a questionnaire for the Purchasing Managers’ Index (PMI). The said index enables prompt data collection, processing and analyses to be produced in the form of timely and accurate periodic reports reflecting the real developments of the economic activity in the State of Kuwait.

19.09.23 Press Statement

CBK’s Systems Remain Sound and Robust

The Central Bank of Kuwait’s (CBK) announces that its Systems Remain Sound and Robust.

15.09.23 Press Statement

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

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

10.09.23 Press Statement

The Fourth Edition (September 2023) a Glimpse into the Impact of Digital Transformation on Financial Stability

The Central Bank of Kuwait (CBK) releases the fourth edition (September 2023) 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 first part titled “The Impact of Digital Transformation on Financial Stability” of this fourth edition highlights the digital transformation in the Local and global banking industry, opportunities and advantages for the banking system, the significant challenges and risks, the role of central banks in mitigating financial stability risks, and the CBK’s efforts to foster digital transformation. The second part titled “The Foremost Global Developments and Monetary Policy Trends” provides a brief on the global developments and monetary policy trends of selected central banks, and the CBK’s monetary policy directions. This is the third issue in 2023.

29.08.23 Press Statement

Additional Extension to Working Hours of the Real Time Gross Settlement System between Participants, and the Kuwait Electronic Cheques Clearing System

The Central Bank of Kuwait (CBK) announces additional extension of working hours of the Real Time Gross Settlement System (KASSIP) between participants, and the Kuwait Electronic Cheques Clearing System (KECCS).

23.08.23 Press Statement

International Monetary Fund Concludes 2023 Article IV Consultation with the State of Kuwait

International Monetary Fund (IMF) concludes 2023 Article IV consultation with the State of Kuwait.

26.07.23 Press Release

CBK Raises the Discount Rate by 25 Basis Points

As part of its efforts to maintain monetary and financial stability, enhance the economic growth of the various economic sectors, particularly the non-oil sectors, contain local inflationary pressures and maintain the competitiveness and attractiveness of the national currency as a lucrative store of domestic savings, and based on its continuous monitoring of the economic, monetary and banking developments, the Central Bank of Kuwait (CBK) decided to raise the discount rate by 0.25% from 4.0% to 4.25% effective July 27, 2023.

05.06.23 Press Statement

IMF Concludes 2023 Article IV Consultation with the State of Kuwait

International Monetary Fund (IMF) concludes 2023 Article IV consultation with the State of Kuwait.

16.05.23 Press Statement

CBK Issues New Instructions Regulating the Electronic Payments of Funds

In line with the Central Bank of Kuwait’s (CBK) strategy to maintain a strong advanced financial system and encourage emerging technologies in the field of electronic payment; and with the mandate granted by the Law No. 20 of 2014 on electronic transactions, which gave CBK the authority of oversight and regulation of the electronic payments of funds, and to issue binding instructions in this regard.

15.05.23 Press Release

The Central Bank of Kuwait and Kuwait Direct Investment Promotion Authority Sign MoU

The Central Bank of Kuwait (CBK) and the Kuwait Direct Investment Promotion Authority (KDIPA) announced in a press release the signing of a Memorandum of Understanding (MOU) on May 15, 2023, regarding the coordination mechanisms between both sides.

11.05.23 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2022

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BOP) for 2022, and the revised data of 2021. The preliminary data of the Balance of Payments revealed a surplus during 2022 of KD 19,329.3 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 10,537.0 million during the previous year, i.e. a rise by KD 8,792.3 million or 83.4%. This upturn is mainly attributable to the noticeable improvement in the Balance on Goods, as the preliminary data indicated a rise in the surplus of the Balance on Goods by KD 9,805.7 million or 80.2% to reach KD 22,034.2 million during 2022, against KD 12,228.5 million during the previous year. This increase is driven mainly by the rise in the merchandise exports by KD 10,085.7 million or 48.9% compared with the previous year, as a result of the improvement in the performance of the global economy for the second consecutive year, after Covid-19 pandemic.

10.05.23 Press Statement

The Third Issue (May 2023) Overview on Combating Money Laundering and Financing of Terrorism and Protecting Customers

The Central Bank of Kuwait (CBK) releases the third quarterly issue (May 2023) highlighting CBK's efforts on combating money laundering and financing of terrorism and protecting customers. It is part of a series of new issues developed by the CBK, which is issued on a quarterly basis.

30.04.23 Press Statement

The "Kafa'a" Initiative Contributes to Providing the Banking Sector with Competencies and Bridging the Expertise Gap

The Central Bank of Kuwait (CBK) indicated that the "Kafa'a" initiative contributes to providing the banking sector with competencies and bridging the expertise gap.

16.04.23 Press Statement

Extending the Working Hours of the Real Time Gross Settlement System between Participants, and the Kuwait Electronic Cheques Clearing System

The Central Bank of Kuwait (CBK) announces the extension of working hours of the Real Time Gross Settlement System (KASSIP) between participants, and the Kuwait Electronic Cheques Clearing System (KECCS).

20.03.23 Press Release

CBK Organizes (AML/CFT) Workshops

The Central Bank of Kuwait (CBK) is organizing two workshops for local banks and exchange companies on topics of Anti-Money Laundering and Combating Terrorist Financing (AML/CFT) measures, international recommendations in this regard, and recent amendments to CBK instructions to local banks and exchange companies in this area. The workshops are organized within the effort to enhance the Bank’s supervisory role and encourage staff capacity building within the banking and finance sector it regulates.

12.03.23 Press Statement

"Diraya" Campaign Continuous Success in Promoting Financial Literacy and Spreading Banking and Financial Awareness

CBK continues its vital role in the banking awareness campaign “Let’s Be Aware” launched in cooperation with the Kuwait Banking Association (KBA), Kuwaiti banks and numerous public and private entities to spread financial and banking awareness and protect customers' rights in light of the development of banking services and associated risks, most notably electronic fraud and its various techniques.

12.03.23 Press Statement

CBK Affirms the Stability and Solidity of the Kuwaiti Banking System Units

Amid news of the United States regulators’ shutting down of Silicon Valley Bank, the Central Bank of Kuwait (CBK) assures “Kuwaiti banks’ exposure to said bank is extremely insignificant, as asserted through the CBK’s direct communication with local banks” the CBK Governor, Basel Al-Haroon stated. Furthermore, the banking system units’ position is both stable and resilient, supported by ample capital buffers.

08.03.23 Press Statement

CBK Affirms Women Empowerment in the Banking Sector

On the occasion of International Women’s Day celebrated annually on 08 March, and as part of the efforts to empower women and enable them to carry out their vital role in development, the Central Bank of Kuwait (CBK) affirmed its commitment to empowering women at all levels in line with the “New Kuwait 2035” Vision and the fifth goal of the United Nations’ 2030 Agenda for Sustainable Development, specifically gender equality and women empowerment.

20.02.23 Press Release

CBK Hosts a Workshop on the Supervision and Regulation of FinTech Provided by IMF’s Middle East Center for Economics and Finance (CEF)

Central Bank of Kuwait (CBK) hosts a workshop on the supervision and regulation of FinTech provided by International Monetary Fund's (IMF) Middle East Center for Economics and Finance (CEF).

16.02.23 Press Release

CBK Honors Distinguished Supporters of "Diraya" Campaign in its Second Year

The Central Bank of Kuwait (CBK) honored Kuwaiti banks for supporting the banking awareness campaign "Diraya” by leveraging all their capabilities and tools to spread awareness and increase financial literacy through digital and social media as well as activities to engage the community on a wide scale. The campaign was launched by CBK in collaboration with Kuwait Banking Association (KBA) and all local banks.

14.02.23 Press Statement

The Second Issue (February 2023) Overview on Inflation, Monetary Policy and Sustainable Financing

The Central Bank of Kuwait (CBK) releases the second quarterly issue (February 2023) to review inflation, monetary policy and sustainable financing. It is part of a series of new issues developed by the CBK, which is issued on a quarterly basis.

01.02.23 Press Release

CBK Announces the 14th Session of Harvard Business School (HBS) In-Person Program for Banking and Financial Executives

The Governor of the Central Bank of Kuwait (CBK) and Chairman of the Board of Directors of the Institute of Banking Studies (IBS), Basel A. Al-Haroon, announced that IBS shall organize the 14th session of Harvard Business School Program. The program is specifically designed to develop executives in GCC banks and financial institutions, in light of the changes in the business world, and the needs of the banking and financial sectors.

25.01.23 Press Release

CBK Raises the Discount Rate by a Half Percentage Point

The Governor and the Chairman of the Board of Directors of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK Board of Directors decided to raise the discount rate by 0.50% from 3.5% to 4.0% effective January 26, 2023.

18.01.23 Press Statement

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

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

02.01.23 Press Release

CBK Announces Joining of the Second Group of Banks to GCC Cross-border Payment System (AFAQ)

Following its efforts to develop the cross-border payment systems and deploy advanced technologies with the aim to enhance efficiency, minimize reliance on the financial systems and external payment platforms and reduce cost, the Central Bank of Kuwait (CBK) announced that the second group of local banks joined the GCC Cross-border Payment System (AFAQ) in the State of Kuwait.

29.12.22 Press Release

CBK Issues its 10th Edition of the Financial Stability Report

As part of the constant efforts to increase transparency and public disclosure through providing credible information and data relevant to the local banking and financial sectors, the Central Bank of Kuwait (CBK) issued the Financial Stability Report for the year 2021.

22.12.22 Press Statement

IMF Concludes its Periodic Preliminary Consultations with the State of Kuwait under Article IV of the IMF Establishment Agreement

The International Monetary Fund (IMF) concludes its periodic preliminary consultations with the State of Kuwait under Article IV of the IMF establishment agreement.

19.12.22 Press Statement

Honoring the "Let's Be Aware" Campaign at the Kuwait Creativity Award 2022 within the Category of Social Responsibility

The Kuwait Creativity Award Authority 2022 honored the banking awareness campaign "Let's Be Aware" in its annual ceremony on 12/12/2022 under the auspices of the Minister of Information and Culture. The campaign was launched by the Central Bank of Kuwait (CBK) in cooperation with the Kuwait Banking Association, the Kuwaiti banks and other entities with the aim of promoting financial literacy among all segments of society, and disseminating banking and financial awareness about the Creativity Award within the Social Responsibility spectrum.

12.12.22 Press Statement

CBK Governor Honors the Graduates of the Risk Management Leaders Program

The Central Bank of Kuwait (CBK) Governor and Chairman of the Institute of Banking Studies (IBS), Basel A. Al-Haroon, honored the graduates of the Risk Management Leaders Program (Group II) at the CBK today. The program was held between May 16, 2022 to October 28, 2022. This is one of the "Kafa’a" initiative programs launched by the CBK in cooperation with Kuwaiti banks and Institute of Banking Studies with the aim to develop national competencies and encourage them to work in the risk management departments in banks and financial institutions.

08.12.22 Press Statement

Launching "Apple Pay" Service Having Met all the Legal and Regulatory Requirements

Having fulfilled all the legal and regulatory requirements of the other regulators, the Central Bank of Kuwait (CBK) announced the complete launch by several Kuwaiti banks of “Apply Pay” services provided by Apple International in the local market. This demonstrate CBK’s keenness to support and help develop easy and quick digital services to the public at the highest security standards that ensure protection of the customer’s banking information.

06.12.22 Press Release

CBK Raises the Discount Rate by a Half Percentage Point

The Board of Directors of the Central Bank of Kuwait (CBK) decided to raise the discount rate by 0.50% from 3.00% to 3.50% effective December 7, 2022. The CBK Governor, Basel Al-Haroon, pointed out that this decision came in line with the CBK’s balanced and progressive approach that aims to reinforce an environment inducing to economic growth, and maintain the financial and monetary stability and attractiveness of the national currency as a store of the local savings.

04.12.22 Workshop

CBK Convenes a Regulatory Sandbox Workshop

Within the course of the Central Bank of Kuwait’s (CBK) continuous initiatives to encourage and develop FinTech in the State of Kuwait and to adopt emerging FinTech startups, the CBK held a workshop on the Regulatory Sandbox for digital transformation and innovation specialists in local banks. The Sandbox is a safe environment for testing FinTech without exposing the financial and banking system to risks.

04.12.22 Press Statement

CBK Launches an Online Portal to Receive Complaints and Appeals from Local Banks' Customers

As part of its efforts to protect individual customers’ rights and enhance the services provided to them, the Central Bank of Kuwait (CBK) announced the launch of an online portal within its Customer Protection Unit for customers to file their complaints and appeals against local banks instead of in person at CBK headquarters.

03.12.22 Press Statement

Growing Banking Services Offered to People with Disabilities During 2022

To enhance financial inclusion and care to offer customers with special needs access to banking and financial services, Central Bank of Kuwait marks the International Day of Persons with Disabilities observed annually on December 3.

01.12.22 Announcement

Tenders Electronic Service is Available on CBK website

The tenders’ electronic service is available on CBK official website, in which companies and institutions can view tenders offered by the CBK and obtain all information and terms of references after registration through the designated page: https://tendering.cbk.gov.kw.

24.11.22 Press Statement

CBK Regulatory Sandbox Adopts Sustainable FinTech Products and Services

As part of its efforts to support FinTech and keep pace with international best practices on sustainability to achieve social and climate-related goals, and in conjunction with the recently circulated guidelines issued by Central Bank of Kuwait (CBK) regarding Environmental Social Governance (ESG) considerations, the CBK announced priority will be given in its Regulatory Sandbox to test products and services that support sustainability standards.

19.11.22 Press Statement

The First Issue (November 2022) Overview on the Key Economic, Monetary and Banking Developments

The Central Bank of Kuwait (CBK) launched the first quarterly issue (November 2022) to review the key economic, monetary and banking developments, and shed light on the most important indicators related to some selected countries during the third quarter of 2022. It is part of a series of new issues developed by the CBK, and will be issued on a quarterly basis.

17.11.22 Press Statement

CBK Issues a Circular for Local Banks Regarding Sustainable Finance

The Central Bank of Kuwait (CBK) has issued a circular to local banks regarding guidelines on Sustainable Finance.

12.11.22 Press Statement

CBK Awareness Campaign Continues to Successfully Raise Financial Awareness in its Second Year

Aiming to enhance financial awareness across all segments of society and inline with directives to broaden and enhance the Kuwaiti banking sector’s social responsibility efforts, the CBK announced that the “Be Aware” campaign is into its second year of success, with views across different social media platforms nearing the 86 million mark.

06.11.22 Press Statement

CBK Governor Announces the Launch of the “Kuwaiti Economic Student Award” - 2022

The Governor of the Central Bank of Kuwait (CBK) and Chairman of the Board of Directors of the Institute of Banking Studies, Mr. Basel Ahmed Al-Haroun, announced the launch of the third round of the "Kuwaiti Economic Student Award", addressed to undergraduate and graduate students. The awards promote scientific research in the economic and banking fields through motivating and encouraging young national cadres to enhance their research competence according to high scientific standards in banking and finance fields.

02.11.22 Press 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.

23.10.22 Press Statement

CBK to Test a Buy Now Pay Later (BNPL) Product within its Regulatory Sandbox

In light of the keenness of the Central Bank of Kuwait (CBK) to enable modern financial technologies in the State of Kuwait and to enhance its role in adopting and encouraging innovation, in a way that promotes the introduction of innovative business models, the CBK has allowed a new Buy Now Pay Later (BNPL) product to begin testing by launching thereof in the local market within the Regulatory Sandbox with a group of volunteer customers and merchants to fully assess and evaluate the product before the final launch in the market.

10.10.22 Press Release

Eleventh Round of KGDP kicks off, Applications Open to Graduates Seeking Careers in Banking

Under the "Kafa’a" Initiative launched by the Central Bank of Kuwait in cooperation with the Institute of Banking Studies and Kuwaiti banks, the Institute of Banking Studies will be receiving applications for the eleventh round of the Kuwaiti Graduates Development Program (KGDP) for those interested in a career in banking as of 10 October and until 17 November 2022.

09.10.22 Press Statement

CBK to Test e-Wallet Product within its Regulatory Sandbox

As part of its efforts to enable new fintech in the State of Kuwait to deploy more innovative business models, the Central Bank of Kuwait (CBK) announced that it has approved the soft launch of a new product in the local market within its Regulatory Sandbox by applying it to a group of volunteer customers to evaluate the product before the final approval thereof.

03.10.22 Press Release

CBK Develops Monthly Monetary Statistical Bulletin

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK has developed the tables of the Monthly Monetary Statistical Bulletin effective from August 2022, as part of the CBK’s efforts to review and update the data and statistics published in its statistical bulletins, and achieve further progress in statistics work by developing its databases and providing all-inclusive data in terms of coverage, periodicity, recency and quality in line with the best international practices.

21.09.22 Press Release

CBK Raises the Discount Rate by a Quarter Percentage Point

The Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK decided to raise the discount rate by 0.25% from 2.75% to 3.00% effective September 22, 2022. The CBK also decided to change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve, including repurchases (Repo), CBK bonds and tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

12.09.22 Press Statement

CBK Extends its Condolences on the Passing of the Former Governor, Abdulwahab Al-Tammar

The Central Bank of Kuwait extends its heartfelt condolences on the passing of the former CBK Governor, Abdulwahab Al-Tammar.

06.09.22 Press Statement

CBK Sets to Launch an Advanced Portal to Process Banking Sector Requests Digitally

In accordance with its digital strategy to create a business environment that underpins the fast-paced advancements in the banking industry and to ensure the banking system ability to fulfil its duties in a highly competitive atmosphere, the Central Bank of Kuwait (CBK) announced that it sets to launch an advanced and improved banking sector digital portal.

25.08.22 Press Release

CBK to Test a First-of-its Kind Product for Open Banking within the Regulatory Sandbox

Keen to enable the new FinTech and support the Open Banking to help bring about innovative business models in the field of financial services, the Central Bank of Kuwait (CBK) has given the green light to test a first-of-its kind product by launching thereof in the local market within the Regulatory Sandbox and applying the same to banking transactions of volunteer customers to fully assess and evaluate the product before the final launch in the market.

10.08.22 Press Release

CBK Raises the Discount Rate by a Quarter Percentage Point

His Excellency the Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK decided to raise the discount rate by a quarter percentage point from 2.50% to 2.75% effective August 11, 2022, and change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve including repurchases (Repo), CBK bonds and Tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

10.08.22 Press Statement

CBK Launches a Podcast to Promote Financial Literacy

The Central Bank of Kuwait (CBK) launches a Podcast to promote financial literacy.

27.07.22 Press Release

CBK Raises the Discount Rate by a Quarter Percentage Point

His Excellency the Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK decided to raise the discount rate by a quarter percentage point from 2.25% to 2.50% effective July 28, 2022, and change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve including repurchases (Repo), CBK bonds and Tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

16.07.22 Press Statement

Standard & Poor's Affirms State of Kuwait Ratings at 'A+'; Outlook Stable

Standard & Poor's Global Ratings: State of Kuwait Ratings affirmed at 'A+'; Outlook changed from negative to stable.

05.07.22 Press Statement

CBK Honors Winners of the “Kuwaiti Economic Researcher Award” and “Kuwaiti Economic Student Award”

The Central Bank of Kuwait (CBK) held a ceremony to honor the winners of the “Kuwaiti Economic Researcher Award” and “Kuwaiti Economic Student Award” the CBK Governor and Chairman of the Institute of Banking Studies (IBS), Basel Ahmed Al-Haroon, and a host of elite banking sector figures attended the event on Tuesday, 05 July, 2022, at CBK Headquarters.

03.07.22 Press Statement

CBK to Provide ATMs for “Eidiyah” in Shopping Malls

Due to the increasing demand on all KD denominations for distributing Eidiyah (monetary gift), the Central Bank of Kuwait (CBK) announced the provision of Automated Teller Machines (ATMs) in a number of shopping malls during the Eid.

30.06.22 Press Statement

CBK Provides Banks with New Currency Notes for Eid Al-Adha

The Central Bank of Kuwait (CBK) announced the completion of the process of providing all local banks with new Kuwait currency notes of various denominations to meet the needs of citizens and residents on the occasion of approaching Eid Al-Adha.

15.06.22 Press Release

CBK Raises the Discount Rate by a Quarter Percentage Point

The Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK Board of Directors decided to raise the discount rate by 0.25% from 2.00% to 2.25% effective June 16, 2022. The CBK also decided to change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve, including repurchases (Repo), CBK bonds and tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

26.05.22 Press Statement

Moody's Press Release Regarding the Sovereign Credit Rating of the State of Kuwait

Moody's Investors Service has on 26 May 2022 affirmed Kuwait's sovereign credit rating at "A1", with stable outlook.

26.05.22 Press Statement

CBK Honors the Graduates of the Harvard Business School Program

The Governor of the Central Bank of Kuwait (CBK) and the Chairman of the Board of Directors of the Institute of Banking Studies (IBS), Basel A. Al-Haroon, honored the graduates of the virtual executive education program delivered by Harvard Business School, titled “Leading in a World Transformed”. This program aims to develop executive leaders in the Kuwaiti banks and is a part of the Kafa’a initiative, which was launched by the CBK, sponsored by the Kuwaiti banks and organized and executed by IBS.

04.05.22 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point

The Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK Board of Directors decided to raise the discount rate by 0.25% from 1.75% to 2.00% effective May 05, 2022. This decision reflects the CBK‘s vigilant monitoring of domestic and international economic and geopolitical developments that resulted in all-time high global inflation rates, mainly driven by increased commodity and energy prices and continuous supply chain disruptions, which constitute a key source of imported inflation affecting the consumer price index in the State of Kuwait.

27.04.22 Press Statement

CBK Instructs Local Banks to Share Financial Transactions Data

Central Bank of Kuwait instructs local banks to share financial transactions data.

24.04.22 Press Statement

CBK to Provide ATMs for “Eidiyah” in Shopping Malls

Due to the increasing demand on all KD denominations for distributing Eidiyah (monetary gift), the Central Bank of Kuwait (CBK) announced the provision of Automated Teller Machines (ATMs) in a number of shopping malls during the Eid.

16.04.22 Press Statement

CBK Provides Banks with New Currency Notes for Eid Al-Fitr

The Central Bank of Kuwait (CBK) announced the completion of the process of providing all local banks with new Kuwait currency notes of various denominations to meet the needs of citizens and residents on the occasion of approaching Eid Al-Fitr.

07.04.22 Press Statement

Standard & Poor's Ratings Update on the State of Kuwait

Standard & Poor's Affirms State of Kuwait Ratings at (A+).

31.03.22 Press Statement

Central Bank of Kuwait Governor Expresses Gratitude to the Political Leadership

The Central Bank of Kuwait’s (CBK) Governor, Dr. Mohammad Y. Al-Hashel expresses gratitude to the political leadership.

31.03.22 Press Statement

CBK Issues a Special Report on its Measures through the Global Financial Crisis and Coronavirus Pandemic

The Central Bank of Kuwait (CBK) issued a special report titled “A Decade between Two Crises” to document its efforts and responses to the key shifts in global finance and the banking industry during 2010-2020, and its proactive approach in prudently reinforcing the resilience of the banking sector.

28.03.22 Press Statement

International Monetary Fund Concludes 2021 Article IV Consultation with the State of Kuwait

International Monetary Fund (IMF) concludes 2021 Article IV consultation with the State of Kuwait.

27.03.22 Press Release

CBK Concludes Public Consultation on E-Payment Instructions in Preparation for its Official Issuance

The Central Bank of Kuwait (CBK) concluded its public consultation on the draft updated instructions published on January 31, 2022. The instructions were updated to keep abreast of developments in Fintech and e-payments, introduce governing frameworks, enable Fintechs to offer value-added services, and supersede the 2018 instructions.

23.03.22 Press Release

CBK Launches Second Cohort of the Risk Management Leaders Program

As part of the Central Bank of Kuwait’s efforts to support the Kuwaiti economy and develop national cadres through building capacity of staff in risk management, which has great importance in enhancing the banking environment and in fortifying financial operations, and within the Kafa’a initiative undertaken by the CBK in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (IBS), the second cohort of the Risk Management Leaders Program begins.

20.03.22 Press Release

CBK Assesses Kuwaiti Banks’ 2021 performance, Finds Strong Financial Soundness Indicators Despite Highly Stressed Operating Conditions

The Central Bank of Kuwait’s (CBK) Governor, Dr. Mohammad Y. Al-Hashel, stated that the 2021 financials of Kuwaiti banks underscore the resilience of the banking sector and its ability to withstand crises and serve the national economy efficiently without interruptions. The Governor stressed that this was evident in the Kuwaiti banking sector’s financial soundness indicators; Capital adequacy, liquidity, asset quality, and profitability, and supported by the positive results of the stress tests that CBK conducts on a regular basis.

16.03.22 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point

As part of the Central Bank of Kuwait’s (CBK) vigilant monitoring of domestic and international economic and geopolitical developments, and monetary policy trends in the global economies, and in light of the Federal Reserve’s decision passed in its meeting held on 15-16 March 2022 to raise the USD interest rate by 0.25%, the CBK Board of Directors decided to raise the discount rate by 0.25% from 1.50% to 1.75% effective March 17 2022. In addition, the CBK decided to change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve, up to the ten-year term. This includes repurchases (Repo), CBK bonds and tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

13.03.22 Press Release

CBK Joins GCC Payments System (AFAQ)

The Central Bank of Kuwait (CBK) joined the GCC cross-border payment system (AFAQ) that connects Real Time Gross Settlement Systems (RTGSS) of GCC member states. The first phase of which had been launched by Gulf Payments Company (GPC) and aims to develop cross-border payments, enhance efficiency, provide cost-effective rates and reduce the reliance on external financial systems and networks.

12.03.22 Press Release

CBK Receives Applications for Master's Degree Scholarship Program

Central Bank of Kuwait (CBK) Governor Dr. Mohammad Yousef Al-Hashel, Chairman of the Board of Directors of the Institute of Banking Studies, announced the start of receipt of applications for Master’s Degree scholarships for Kuwaitis, for the eighth year running, as CBK continues to support projects and initiatives aiming at national capacity building. Higher qualified national cadres would in turn contribute to institutional infrastructure in the State of Kuwait to support the country’s development, he stressed.

08.03.22 Press Statement

CBK Marks International Women’s Day

The Central Bank of Kuwait (CBK) recognizes International Women’s Day on March 8, 2022, by celebrating CBK female staff’s excellence across its ranks.

16.02.22 Press Statement

CBK Governor Receives Lord Gerry Grimstone, UK Minister for Investment

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel received on Tuesday, 16 February 2022, the UK Minister of State (Minister for Investment) Lord Grimstone of Boscobel Kt, and an accompanying delegation, to discuss key global economic developments, and the post-pandemic global economic horizon.

15.02.22 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2021

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for Q3 2021, and the revised data of Q2 2021. The data revealed a surplus during Q3 2021 of KD 2,606.3 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 3,262.3 million during the previous quarter, i.e. a decrease by 20.1% equivalent to KD 656.0 million. This drop is attributable to the rise in the value of receipts on the credit side of the Current Account by KD 385.8 million or 4.8% compared with the previous quarter, and the increase in the value of payments on the debit side of the Current Account by KD 1,041.8 million or 21.5% compared with the previous quarter.

15.02.22 Press Release

CBK- KBA Launching Diraya Campaign for the Second Year

In light of the Central Bank of Kuwait’s mandate to increase the financial awareness of various segments of society, and strengthen the role of the Kuwaiti banking sector in social responsibility, the Central Bank of Kuwait (CBK) and Kuwait Banking Association (KBA) announce the launch of Diraya "Be Aware" Campaign for the second year in a row. The campaign activities are geared to spread financial awareness to a wider segment of society and increase public awareness of the banking sector’s role and how customers can use banks’ diverse services advantageously.

14.02.22 Press Statement

CBK Receives the European Commissioner for Budget and Administration and his Accompanying Delegation

The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, received the European Commissioner for Budget and Administration, Mr. Johannes Hahn and his accompanying delegation, in the presence of senior officials from the Ministry of Finance and the Kuwait Investment Authority. The attendees discussed the most prominent global economic developments and post-Covid19 prospects for the global economy, amongst other topics of mutual interest.

08.02.22 Press Release

CBK Allows Banks to Distribute Semi-Annual Dividends

The Central Bank of Kuwait (CBK) allows banks to distribute semi-annual dividends.

07.02.22 Press Statement

CBK Hosts US Department of Justice Workshop on Anti-Money Laundering

The Central Bank of Kuwait (CBK) held a joint virtual workshop with the United States Department of Justice titled “Effective Oversight of Financial Institutions to Combat Money Laundering and Terror Finance”. The workshop aims to strengthen the capacity of CBK staff and discuss emerging issues and growing  risks in Anti-Money Laundering efforts and combating terror financing. Speakers from the US Department of Justice covered topics related to trends in illicit finance, virtual assets and compliance, and best international practices for regulators, CBK said in a press statement.

06.02.22 Press Release

Harvard Business School Presents a Virtual Program for Developing Banking and Financial Executives in Collaboration with Kuwait Institute of Banking Studies

Dr. Mohammad Yousef Al-Hashel, the Governor of the Central Bank of Kuwait and the Chairman of the Board of Directors of the Institute of Banking Studies (IBS), announced that IBS shall collaborate with Harvard Business School (HBS) to provide a virtual executive education program, designed specifically to support the development of senior leaders in the banking and finance sector in the GCC countries given the rapidly changing conditions. Dr. Al-Hashel pointed out that the program shall provide virtual training classes - as part of the innovative new professional training methods - through Harvard Business School’s training platform "Zoom".

02.02.22 Press Release

CBK Governor Announces Digital Banks Guidelines

As tech-based business models are becoming increasingly vital within the banking and finance sector to support and enhance services offered to customers and contributing to overall economic growth, the Central Bank of Kuwait (CBK) has issued guidelines specifying requirements for establishing digital banks. This falls within CBK’s overall effort to utilize the latest advancements to bolster financial stability, encourage innovation, and meet future economic needs.

01.02.22 Press Release

CBK Issues Draft of Updated E-Payment Instructions For Consultation

The Central Bank of Kuwait (CBK) has issued updated draft of e-payment instructions for public consultation. This effort aims to provide customers with services that add value, set judicious regulatory and supervisory frameworks, and keep abreast with advancements in financial technology and e-payment services.

31.01.22 Press Release

The Highlights of the Virtual Event "Stability and Enablement" Held by CBK

The Central Bank of Kuwait (CBK) held a virtual event titled "Stability and Enablement", on 31 January 2022. The event is held out of CBK's keenness on fulfilling its mandate in bolstering monetary stability and financial stability, particularly in an increasingly complex environment with ever-growing risks. At the same time, CBK is embracing digitalization to modernize itself and enable the advancement of, drive innovation in, and leverage financial technologies in the financial sector.

29.01.22 Press Release

CBK Holds a Virtual Event on Enabling Kuwait's Banking and Financial Sector

The Central Bank of Kuwait (CBK) will hold an event on 31 January 2022 to unveil the CBK’s enhanced capabilities in bolstering monetary stability and financial stability titled, “Stability and Enablement”. The presentation will highlight CBK’s efforts in enabling the digital advancement of the financial sector, driving innovation and leveraging FinTech in the financial sector.

27.01.22 Press Statement

Fitch Ratings Downgrades State of Kuwait Sovereign Credit Rating to (AA-); Outlook Stable

Fitch Ratings downgrades State of Kuwait Sovereign Credit Rating to (AA-); Outlook Stable

14.01.22 Press Statement

Standard & Poor's Affirms State of Kuwait Ratings at (A+)

Standard & Poor's affirms State of Kuwait Ratings at (A+).

20.12.21 Press Statement

CBK Confers with Abdullah Al-Salem University Board on Future of Jobs

Aiming to assess job market demands and the skills required from graduates seeking banking and finance sector employment, the Central Bank of Kuwait (CBK) hosted a meeting with the Constituent Board of Abdullah Al-Salem University. Initiated by the latter, the meeting convened at CBK Headquarters Monday, Dec 20, 2021 chaired by CBK Governor Dr. Mohammad Y. Al-Hashel and the university board’s Chairperson Professor Dr. Moudi A. Al-Humoud.

14.12.21 Press Statement

CBK-IMF Panel Discussion on Unwinding COVID-19 Measures

The Central Bank of Kuwait (CBK), in cooperation with the IMF-Middle East Center for Economics and Finance (IMF-CEF), hosted a panel discussion titled “Policies Related to COVD-19 Measures” during 13-14 December 2021 with the participation of GCC central banks.

30.11.21 Workshop

CBK Organizes a Workshop on Transitioning Away from LIBOR in Collaboration with GMCo

The Central Bank of Kuwait (CBK) organized a workshop in collaboration with Gulf Monetary Council (GMCo) on transitioning away from LIBOR.

28.11.21 Press Statement

CBK and CMA Launch an Awareness Campaign on Crypto Assets

The Central Bank of Kuwait (CBK) in collaboration with the Capital Markets Authority (CMA) launched a joint financial literacy campaign regarding investing or dealing in crypto assets, or so-called “virtual currencies”.

21.11.21 Press Statement

CBK Launches the Fourth Round of the "Certified Shari’ah Auditor" Certificate Program

In an effort to enhance the governance of Shar’iah supervision in the Islamic banks in Kuwait, and reinforce Shari’ah auditing in such banks, the Central Bank of Kuwait (CBK) launched the fourth round of the Certified Shari’ah Auditor Certificate Program within the Kafa’a Initiative. The Kafa’a Inititative was launched by the CBK in collaboration with Kuwaiti banks and is managed by the Institute of Banking Studies (IBS).

20.10.21 Press Statement

International Monetary Fund Concludes 2021 Article IV Consultation with the State of Kuwait

The Central Bank of Kuwait (CBK) issued a press statement on the conclusion of the International Monetary Fund’s (IMF) Article IV Consultation to the State of Kuwait, held from 26th September to 10th October 2021.

19.10.21 Press Statement

The Governor Honors the Distinguished Supporters of the “Diraya” Campaign

The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, honored distinguished Kuwaiti banks for their efforts in supporting the banking awareness campaign “Be Aware”, “Diraya” in Arabic. The banks participated by communicating with customers through their digital platforms and social networks’ accounts, as well as organizing activities and disseminating content to increase public awareness on a range of topics related to financial and banking.

18.10.21 Press Statement

National Bank of Kazakhstan Requests CBK Insight on E-Settlement Systems, BIS Membership

The Central Bank of Kuwait (CBK) was invited to a consultative session by the National Bank of Kazakhstan, which focused on monetary policy, regulatory policy, and electronic settlement systems. The virtual meeting, held on Monday, October 18, 2021, also shed light on CBK’s membership within the Bank for International Settlements (BIS).

12.10.21 Press Statement

CBK Unwinds Measures Imposed to Counter Pandemic After Banking Sector's Success in Overcoming its Impact

In line with continuous review of its regulatory instructions, the Central Bank of Kuwait has decided to start unwinding measures imposed since April 2020 to counter the negative implications from the COVID-19 pandemic, after the banking sector’s success in overcoming the first year of the crisis. The regulatory instructions and macro prudential tools had earlier been amended within CBK’s pre-emptive policy to ward off repercussions of the pandemic.

06.10.21 Press Statement

CBK & Kuwait Financial Intelligence Unit (KFIU) Sign Memorandum of Understanding

In an effort to enhance cooperation and coordination between the Central Bank of Kuwait (CBK) and the Kuwaiti Financial Intelligence Unit (KWFIU) within the framework of Law No. (106) of 2013 concerning Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), the CBK and KWFIU signed a memorandum of understanding, on Wednesday morning October 6, 2021, regarding the cooperation and information exchange in the field of AML/CFT and related crimes, at the CBK headquarters.

05.10.21 Press Statement

State of Kuwait Participates in "World Investor Week"

The State of Kuwait, represented by the Capital Markets Authority (CMA) and the Central Bank of Kuwait (CBK), participates in the "World Investor Week", held during the period (4-11 October 2021) under the umbrella of the "International Organization of Securities Commissions" (IOSCO).

20.09.21 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the First Quarter of 2021

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for Q1 2021, and the revised data of Q4 2020. The data revealed a surplus during Q1 2021 of KD 1,599.5 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 3,648.1 million during the previous quarter, i.e. a drop by 56.2% equivalent to KD 2,048.6 million. This downturn is attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 2,287.4 million or 25.9% compared with the previous quarter, and the decrease in the total value of payments on the debit side of the Current Account by KD 238.8 million or 4.6% compared with the previous quarter.

19.09.21 Press Release

Kafa’a Initiative Launches the Tenth Round of KGDP for Graduates Seeking Banking Career

Within the “Kafa’a” Initiative launched by the Central Bank of Kuwait in cooperation with the Institute of Banking Studies and Kuwaiti banks, the tenth round of the Kuwaiti Graduates Development Program (KGDP) will be receiving applications by those interested in a career in banking as of 19 September and till 4 November 2021, the CBK announced.

30.08.21 Press Release

CBK Launches New KASSIP System Part of “Kuwait National Payments System Project”

Aiming to enhance the banking environment in the country in line with ongoing development of payment systems, the Central Bank of Kuwait (CBK) launched the new Kuwait Automated Settlement System for Inter-participant Payments (KASSIP), the CBK Governor Dr. Mohammad Y. Al-Hashel stated. This was one of a series of projects geared to entrench financial stability in the country through an integrated network of electronic payment systems at par with international standards and criteria in the field of payments and settlement, he added.

29.08.21 Press Statement

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2020

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 2020, and the revised data of 2019. The external transactions of the Kuwaiti economy showed its ability to overcome the negative impact of the COVID-19 pandemic, as the preliminary data of the Balance of Payments revealed a surplus during 2020 of KD 6,857.8 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 10,125.0 million during the previous year, i.e. a drop by KD 3,267.2 million or 32.3%. This downturn is mainly attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 8,047.6 million or 23.6% compared with the previous year, and the decrease in the total value of payments on the debit side of the Current Account by KD 4,780.4 million or 19.9% compared with the previous year.

15.08.21 Press Statement

CBK Launches Public Tenders' Electronic Service

The Central Bank of Kuwait (CBK) launches public tenders’ electronic service on the bank’s official website, in which companies and institutions can view tenders offered by the CBK and obtain all information and terms of references after registration through the designated page: https://tendering.cbk.gov.kw

10.08.21 Press Statement

CBK Announces the Launch of "Kuwaiti Economic Researcher Award" and "Kuwaiti Economic Student Award" – 2021

Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies, announced the launch of the third round of the "Kuwaiti Economic Researcher Award," addressed to Kuwaiti researchers, and the second round of the "Kuwaiti Economic Student Award," addressed to undergraduate and graduate students. The awards promote scientific research in the economic and banking fields through motivating and encouraging national cadres to enhance their research competence according to high scientific standards in banking and finance fields. The Governor noted that these annual awards offered by the CBK and Kuwaiti banks and managed by the Kuwait Institute for Banking Studies (KIBS) is part of CBK’s and Kuwaiti banks’ strategic pursuit to uphold their social responsibility and entrench scientific methodology for addressing banking and finance issues. Ultimately, this would cultivate specialized and highly qualified national cadres in all aspects of the Kuwaiti banking and financial sector.

27.07.21 Press Statement

CBK Publishes the Annual Report for the FY 2020/2021

The Central Bank of Kuwait (CBK) published its 49th Annual Report for the 2020/2021 fiscal year, which includes audited financial statements for the period until March 31, 2021 and encompasses CBK’s efforts for said year.

26.07.21 Press Statement

CBK Held Financial Stability Report Symposium with Participation of Local and International Experts

The Central Bank of Kuwait (CBK) held a symposium launching the 9th Financial Stability Report for 2020 on Monday 26 July 2021 at 10:00 a.m. at the CBK headquarters as well as through online channels. The planned event intended to address the major economic developments at both domestic and international levels, and presented an overview on the financial sector in the State of Kuwait. The event hosted prominent economists as panelists and discussants from locally and globally renowned institutions.

17.07.21 Press Statement

Standard & Poor's Lowers State of Kuwait Ratings to 'A+'; Outlook Remains Negative

Standard & Poor's Global Ratings: State of Kuwait Ratings Lowered to 'A+' on lack of comprehensive funding strategy; Outlook remains negative.

17.07.21 Press Statement

CBK launched the third update of "Eidity" App

The Central Bank of Kuwait (CBK) has developed a third update of the Eidity application for gifting Eidiyah (monetary gift) during the upcoming Eid Al-Adha season The service is provided in collaboration with Kuwaiti banks and the Shared Electronic Banking Company (Knet).

15.07.21 Press Statement

CBK Organizes the Inaugural Financial Stability Report 2020 Symposium "Resilience in the Face of Adversity"

The Central Bank of Kuwait (CBK) is organizing an inaugural symposium unveiling the Financial Stability Report 2020, on Monday, 26 July 2021, at 10:00 am. The event planned promotes transparency and encourages informed public discourse on topics related to the Kuwaiti banking and financial sector.

05.07.21 Press Statement

CBK Maintains Information Security ISO Certification

The Central Bank of Kuwait (CBK) announced the maintenance of its information security certification ISO/IEC 27001:2013. This main global standard specifies the requirements for establishing, implementing, maintaining and continually improving data security management systems within the context of the organization, particularly amid challenges posed by rapid developments in the banking and financial services sectors.

30.06.21 Press Statement

Central Bank of Kuwait Attends BIS 91st Annual General Meeting

The Central Bank of Kuwait (CBK) on Tuesday 29 June 2021 attended the Bank for International Settlements (BIS) 91st Annual General Meeting. It is the second consecutive year that CBK attends as a shareholding institution. The meeting agenda included approving the audited financial statements of the BIS and the proposed dividend and profit allocation for the financial year 2020/21.

28.06.21 Workshop

CBK Organizes a Workshop on Combating Money Laundering and Financing of Terrorism for Local Banks and Exchange Companies

The Central Bank of Kuwait conducts two workshops on 29 and 30 June 2021 in the field of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for banking and financial units’ staff. The workshops aimed to enrich the particpants' knowledge of the related legal and regulatory requirements. It also clarified their responsibility to directly submit their reports to Kuwait Financial Intelligence Unit (KFIU), the mandated authority by virtue of the Law No. 106/2013.

23.06.21 Press Statement

“Diraya” Campaign Addresses the Practice of Loan Encashment and its Inherent Risks

In an effort to enhance financial awareness across all segments of society and encourage the Kuwaiti banking sector’s social responsibility activities, the Central Bank of Kuwait is presenting new informative content addressing the practice of loan encashment and its serious inherent risks. This comes as part of the CBK-supervised “Diraya” campaign (Be Aware in Arabic) which is managed by Kuwait Banking Association (KBA) with the participation of all Kuwaiti banks.

22.06.21 Press Statement

CBK issues a Second Batch of Commemorative Coins Marking 60th Anniversary of the National Currency and 40th Anniversary of Establishing the GCC

The Central Bank of Kuwait (CBK) announced the release of the second batch of commemorative coins marking the 60th anniversary of the issuance and circulation of the Kuwait national currency, as well as the 40th anniversary of the establishment of the Gulf Cooperation Council (GCC). A second batch was minted due to the high demand on the two commemorative coins upon their previous release.

15.06.21 Press Statement

The Governor Receives the Graduates of Harvard Executive Leadership Program “Winning in Turbulent Times”

Dr. Mohammad Yousef Al-Hashel, the Governor of the Central Bank of Kuwait and the Chairman of the Board of Directors of the Institute of Banking Studies (IBS), receives the graduates of Harvard Executive Leadership Program “Winning in Turbulent Times”.

14.06.21 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Fourth Quarter of 2020

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 4Q 2020, and the revised data of 3Q 2020. The data revealed a surplus during 4Q 2020 of KD 3,546.4 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 2,354.9 million during the previous quarter, i.e. an increase by 50.6% equivalent to KD 1,191.5 million. This upturn is mainly attributable to the rise in the total value of receipts on the credit side of the Current Account by KD 1,251.0 million or 16.7% compared with the previous quarter, and the increase in the total value of payments on the debit side of the Current Account by KD 59.5 million or 1.2% compared with the previous quarter.

13.06.21 Press Statement

CBK Announces the Publication of the Economic Report for the Year 2020

His Excellency the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, announced the publication of the 49th issue of the Economic Report, published annually by the Central Bank of Kuwait (CBK). The 2020 Economic Report covers key economic developments, including the most recent data and statistics available on various aspects of economic performance in the State of Kuwait during said year. The report addresses these developments in six parts, each covering a major topic in detail.

10.06.21 Press Statement

New “Diraya” Video Addresses Safe Investment

In an effort to enhance financial awareness across all segments of society and encourage the Kuwaiti banking sector’s social responsibility activities, the Central Bank of Kuwait is presenting new informative video content addressing safe investment and means of protecting customers’ personal and bank information. This comes as part of the CBK-supervised “Diraya” campaign (Be Aware in Arabic) which is managed by Kuwait Banking Association (KBA) with the participation of all Kuwaiti banks.

24.05.21 Press Statement

Commemorative Coin Issue Marking the 40th Anniversary of the Cooperation Council for the Arab States of the Gulf (GCC)

This year marks the 40th anniversary of the establishment of the Gulf Cooperation Council (GCC). An initiative by the late Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah, may Allah have mercy on him, which aimed to strengthen coordination and integration between the member states. In order to document the GCC’s vital role and efforts towards stability and development in the region despite the geopolitical headwinds throughout the last four decades, and to honor the founding leaders and their roles in the Council’s success story, the Central Bank of Kuwait (CBK) issued a commemorative coin to celebrate this occasion.

22.05.21 Press Statement

CBK Issues a Statement on Crypto-assets and their Risks

In an effort to enhance financial awareness and encourage the Kuwaiti banking sector’s social responsibility activities, the Central Bank of Kuwait is presenting  information around the high risks of crypto-assets. This comes as part of the CBK-supervised “Diraya” campaign (Be Aware in Arabic) which is managed by Kuwait Banking Association (KBA) with the participation of all Kuwaiti banks.

05.05.21 Press Statement

"Eidity" App Available to Customers for Eid Holiday

The Central Bank of Kuwait (CBK) has developed a second enhanced version of the Eidity application for gifting Eidia (monetary gift) during the upcoming Eid Al-Fitr season, in collaboration with Kuwaiti banks and the Shared Electronic Banking Co. (Knet).

19.04.21 Press Statement

The Launch of the "Kafa'a" Initiative Website

The Central Bank of Kuwait (CBK) in collaboration with the Institute of Banking Studies (IBS) and Kuwaiti banks announced the launch of the official “Kafa’a” initiative website. The platform was established to share the training programs offered to develop and qualify national cadres specialized in finance and banking.

15.04.21 Press Statement

International Monetary Fund Concludes 2021 Article IV Consultation with the State of Kuwait

The Central Bank of Kuwait (CBK) issued a press statement on the conclusion of the International Monetary Fund’s (IMF) Article IV Consultation to the State of Kuwait, held virtually from April 4-8, 2021. CBK, in coordination with IMF and the relevant national authorities, made the necessary arrangements including information and data compilation, and scheduling meetings with the senior officials of the government and non-government entities to discuss the economic, financial and monetary conditions and the resilience of the banking and financial sector. The concluding statement of the IMF mission commended CBK’s efforts in reinforcing the soundness and resilience of the banking and financial sector.

14.04.21 Press Release

CBK Directs the Banking Sector to Nationalize the Leadership Positions in Banks

The Central Bank of Kuwait (CBK) directs the banking sector to nationalize the leadership positions in local banks.

12.04.21 Press Release

Harvard Business School Presents a Virtual Program for Developing Banking and Financial Executives in Collaboration with IBS

Dr. Mohammad Yousef Al-Hashel, the Governor of the Central Bank of Kuwait and the Chairman of the Board of Directors of the Institute of Banking Studies (IBS), announced that IBS shall collaborate with Harvard Business School (HBS) to provide a virtual executive education program, designed specifically to support the development of senior leaders in the banking and finance sector in the GCC countries given the current challenges in particular the consequences of COVID-19 pandemic that affected the business world and the global economy. The program is designed to aid leaders in the banking and financial sector to adapt to the new work environment and achieve success in such difficult circumstances. Dr. Al-Hashel pointed out that the program shall provide online training classes - as part of the innovative new professional training methods - through Harvard Business School’s training platform.

28.03.21 Press Statement

CBK Advises the Public on the Proper Handling of Banknotes

The Central Bank of Kuwait (CBK) stressed users must avoid damaging all denominations of the Kuwaiti Dinar banknote. The Dinar banknote is an important national symbol of the State of Kuwait that reflects its identity, history and legacy. Respectful handling of the bill is therefore tied to respecting this national symbol.

17.03.21 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2020

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 3Q 2020, and the revised data of 2Q 2020. The data revealed a surplus during 3Q 2020 of KD 2,475.3 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) against a surplus of KD 4,154.3 million during the previous quarter, i.e. a drop by 40.4% equivalent to KD 1,679.0 million. This downturn is attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 328.3 million or 4.2% compared with the previous quarter, and the increase in the total value of payments on the debit side of the Current Account by KD 1,350.6 million or 36.7% compared with the previous quarter.

16.03.21 Press Release

“Diraya” Campaign Leverages Awareness on the Types of Personal Loans

In line with the efforts of the Central Bank of Kuwait (CBK) to enhance financial awareness across all segments of society, the CBK-managed, “Be Aware” (Diraya in Arabic) Campaign continues, in collaboration with Kuwait Banking Association (KBA) and with the participation of all Kuwaiti banks, to leverage public awareness of the banking sector’s role, and how customers can use banks’ diverse services most advantageously.

14.03.21 Press Statement

CBK Launches its Seventh Master’s Scholarship Program

The Central Bank of Kuwait (CBK) is keen as ever to support capacity strengthening and develop a national cadre that can contribute to the institutional development of Kuwait, said the Central Bank of Kuwait Governor, His Excellency Dr. Mohammad Y. Al-Hashel.

08.03.21 Press Statement

CBK Celebrates its Distinguished Female Talent on International Women's Day

The Central Bank of Kuwait (CBK) recognizes the contribution of women and celebrates their achievements and excellence on the occasion of International Women’s Day observed on March 8th. As an institution that believes in the effective role of women in society and their distinguished performance across the business sectors, the CBK provides a positive example.

08.03.21 Press Release

"Diraya" Campaign Releases Video on Personal Loans and Financing Facilities

Keen to enhance financial awareness across all segments of society, and in line with its directives towards expanding and strengthening the Kuwaiti banking sector’s social responsibility, the CBK-supervised banking awareness campaign “Be Aware” (“Diraya” in Arabic) continues in cooperation with the Kuwait Banking Association (KBA) and with participation of all Kuwaiti banks, with the aim to leverage public awareness of the banking sector’s role, and how customers can use banks’ diverse services most advantageously.

24.02.21 Press Release

CBK Press Release on Kuwaiti Banks Financial Performance During the 1st Year of COVID-19 Pandemic

The Central Bank of Kuwait (CBK) announced that it conducted a comprehensive review of the financial statements of Kuwaiti banks for the year 2020. This was done as part of its ongoing efforts to bolster the financial stability of the banking sector, considered central to the State’s financial system, and ensure its continuous and efficient supply of services to the economy amid highly stressed operating conditions. Thus, the CBK stressed its diligent and proactive monitoring of developments that could affect financial stability. Despite the ramifications of the Covid-19 pandemic on local and international economic conditions, the overall conclusion was that the sector had successfully weathered the first year of the crisis.

20.02.21 Press Release

"Diraya" Campaign Releases Video on Types of Bank Cards

To enhance financial awareness across all segments of society and as part of the banking sector's social responsibility, the Central Bank of Kuwait-supervised “Be Aware” Campaign (Diraya in Arabic) introduced a video detailing the different types of bank cards.

08.02.21 Press Statement

CBK Issues Commemorative Coins to Mark Kuwait National Days & National Currency Anniversary

The Central Bank of Kuwait (CBK) is marking the 60th anniversary of the Independence and the 30th anniversary of the Liberation of the State of Kuwait, as well as the 60th anniversary of the issue and circulation of the Kuwait national currency, the Kuwaiti Dinar, by issuing three commemorative coins on these occasions, stated His Excellency the CBK Governor Dr. Mohammad Y. Al-Hashel.

04.02.21 Press Statement

State of Kuwait Completed All Requirements of IMF Enhanced General Data Dissemination System (e-GDDS)

In its continued efforts to develop statistical data and enhance transparency by publishing data in an integrated manner, the International Monetary Fund (IMF) Statistics Department completed its remote mission that took place during January 25 - February 4, 2021 to provide the technical support for the State of Kuwait to develop the National Summary Data Page (NSDP). Thus, the State of Kuwait has completed all the requirements of the Enhanced General Data Dissemination System (e‑GDDS). The system was endorsed by the IMF’s Executive Board in May 2015. The Central Bank of Kuwait (CBK) is the coordinator of Kuwait’s e-GDDS in the IMF.

03.02.21 Press Release

"Diraya" Campaign Launches Video Addressing e-Crimes

Keen to enhance financial awareness among all segments of our society, and in its efforts to bolster the banking sector’s social responsibility, the Central Bank of Kuwait (CBK) continues to oversee activities of “Be Aware” Campaign (Diraya in Arabic). The campaign, recently launched under CBK supervision in cooperation with Kuwait Banking Association (KBA) and with the participation of all Kuwaiti banks, aims to raise public awareness on the role of the banking sector and on how best to benefit from banks’ services.

03.02.21 Press Statement

Fitch Ratings Affirms the Sovereign Credit Rating for the State of Kuwait at "AA"

Fitch Ratings affirms the sovereign credit rating for the State of Kuwait at "AA", revises outlook to negative from stable.

27.01.21 Press Release

"Diraya" Campaign Launches Inaugural Explainer Video on Role of Banks

The "Be aware" campaign, "Diraya" in Arabic, launched its inaugural video, introducing banks, their role and the importance of the various services they provide.

25.01.21 Press Release

CBK Launching Diraya Financial Awareness Campaign

To enhance public financial awareness, and in line with its encouragement of the Kuwaiti banking sector to increase and expand its social responsibility, His Excellency the Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced the launch of a year-long campaign under the slogan "Be aware", "Diraya" in Arabic, on Tuesday, 26 Jan 2021.

23.01.21 Press Statement

CBK Statement on Banks' Cash Dividend Distributions

The Central Bank of Kuwait (CBK) has taken numerous preventive measures to contain the impacts of the Covid-19 pandemic on the domestic economic and banking conditions, and to foster growth in banking credit and stimulate economic activity. Within its monetary policy framework, the CBK decided in March 2020 to cut its discount rate to a historically low level of 1.5%.

15.01.21 Press Statement

Standard & Poor's affirmed State of Kuwait's Sovereign Credit Ratings at ‘AA-’; Outlook Negative

Standard & Poor's affirmed State of Kuwait’s ratings at 'AA-'; outlook remains negative.

03.01.21 Press Statement

CBK Announces that a Number of Kuwaiti Banks were Awarded the ISO 27001 2013 Certification for Information Security Management

The Central Bank of Kuwait (CBK) announced that a number of Kuwaiti banks were awarded the ISO 27001:2013 Certification for “Information Security Management System”. Attaining this globally recognized international standard for information security management is in line with the CBK’s efforts, specifically its Cyber Security Framework, towards developing the banking sector according to the best international practices to reach optimal efficiency of operations and IT security.

29.12.20 Press Statement

CBK Implements an Advanced Stress Testing Framework on Banking System Units

In light of its continuous efforts towards reinforcing financial stability and adopting best practices in support of banks’ capacity to operate in stressed conditions, the Central Bank of Kuwait (CBK) developed a new framework for stress testing the banking system.

09.12.20 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Second Quarter of 2020

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 2Q 2020, and the revised data of 1Q 2020. The data revealed a surplus during 2Q 2020 of KD 108.3 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) compared with a surplus of KD 220.3 million during the previous quarter, i.e. a drop by 50.8% equivalent to KD 112.0 million. This downturn is mainly attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 2,269.3 million or 37.4% compared with the previous quarter, and the decrease in the total value of payments on the debit side of the Current Account by KD 2,157.3 million or 36.9% compared with the previous quarter.

22.11.20 Press Release

CBK Launches the Third Round of the "Certified Shari’ah Auditor" Program

The Central Bank of Kuwait (CBK), launched the third round of the “Certified Shari’ah Auditor” program, which is one of the Kafa'a initiative programs launched by the CBK in collaboration with Kuwaiti banks and the Institute of Banking Studies (IBS).

27.10.20 Press Release

CBK Maintains Current Historical Low Discount Rate, and Cuts Other Intervention Rates by 0.125%

As part of Central Bank of Kuwait (CBK) vigilant monitoring of economic, monetary, and banking developments and forecast trends, as well as its periodic review of movements in interest rate trends on main currencies, the US Dollar being foremost, the CBK has decided to maintain the current Discount Rate, thus maintaining the current interest rate cap for loans extended to customers in Kuwaiti Dinar. In addition, CBK cut rates of other monetary policy instruments, by 0.125% for the entire interest rate yield curve, up to the ten-year term. This includes repurchases (REPO), CBK Bonds, the Term-Deposits system, direct intervention instruments, as well as Public Debt instruments, effective 28-10-2020.

05.10.20 Press Statement

CBK Forms the Higher Committee of Shari’ah Supervision

In view of Law No. (3) of the year 2020 concerning the formation of a higher Shari’ah supervision authority, the Central Bank of Kuwait (CBK) Board of Directors approved the establishment, on 1-9-2020, of the Higher Committee of Shari’ah Supervision at the CBK and the guidelines organizing its business, within provisions of relevant laws.

04.10.20 Press Statement

CBK Affirms Commitment to Exchange Rate Policy

In light of recent online reports falsely speculating on the intent to devalue the national currency, the Central Bank of Kuwait reiterates its commitment to maintaining the Kuwaiti dinar exchange rate at a level that protects its purchasing power.

As it has stated recently, the CBK will continue its adherence to policies that aim to bolster the local currency and maintain monetary and financial stability in the country.

17.09.20 Press Statement

CBK Underlines the Importance of Appointing Nationals in the Banking Sector

In its meeting with the local banks, CBK underlines the importance of developing job opportunities for national talent in the banking sector.

07.09.20 Press Statement

CBK Announces the Publication of the Annual Report for the FY 2019/20

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the publication of CBK’s 48th Annual Report for Fiscal Year (FY) 2019/20, including the audited financial statements (the Balance Sheet and Profit and Loss Account) of the CBK for the FY ended 31st March 2020. The report also comprises the key developments in the main monetary aggregates and banking indicators, the Kuwaiti Dinar (KD) exchange rate, domestic interest rates, money supply, deposits, bank credit, domestic liquidity, public debt instruments, aggregate balance sheet of local banks, and domestic inflation rate. Furthermore, the report encompasses CBK’s regulatory and supervisory efforts for said year, as well as major banking operations and key tasks performed by CBK to enhance staff performance and upgrade its IT infrastructure.

22.08.20 Press Statement

CBK Announces the Publication of the Economic Report for the Year 2019

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the publication of the Economic Report for the year 2019, which is the 48th such report in a series prepared and published by the bank. Dr. Al-Hashel indicated that the report contains the latest available data and statistics on various aspects of the economic performance of the State of Kuwait and is composed of six major parts, each dedicated to a key topic.

19.07.20 Press Statement

CBK Announces the Publication of the Financial Stability Report for the Year 2019 and Kuwaiti Banks' Stress Test Results

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel announced the issuance of CBK’s 2019 Financial Stability Report, the eighth report prepared and issued as the bank seeks to boost transparency by providing reliable information and statistics on the Kuwaiti banking and finance sector.

19.07.20 Press Statement

CBK is Committed to its Foreign Exchange Rate Regime

His Excellency the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel affirmed the CBK’s commitment to its foreign exchange rate regime.

30.06.20 Press Statement

Reopening Protocols for CBK and Banking Sector

To ensure safe and orderly return of banks’ staff in the context of the current COVID-19 outbreak, CBK publishes its own "Return to Work" protocols, and oversees similar protocols for banks and their branches concurrently with the start of the Stage 2 of the phased return to work plan that kicks off on 30-6-2020.

30.05.20 Press Statement

CBK Role in Anti-Money Laundering and Combating the Financing of Terrorism

Central Bank of Kuwait's role in anti-money laundering and combating the financing of terrorism

17.05.20 Press Statement

CBK launched the Eedeti Electronic Initiative

The Central Bank of Kuwait (CBK) launched the "Eedeti/ 3edeti" electronic initiative in cooperation with Kuwaiti banks and KNET, to provide an electronic service that meets the needs of citizens and residents on the occasion of Eid Al-Fitr.

10.05.20 Press Statement

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2019

The Central Bank of Kuwait (CBK) published the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for the year 2019 and the revised data of the year 2018, in addition to the preliminary data of the State of Kuwait’s (BoP) for Q4 2019 and the revised data of Q3 2019.

02.04.20 Press Release

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.

16.03.20 Press Release

CBK 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%.

12.03.20

CBK 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.

08.03.20

CBK 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.

04.03.20

CBK 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%).

18.02.20 Press Release

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.

11.02.20 Press Release

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.

27.01.20 Press Statement

CBK 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.

14.01.20 Press Release

CBK 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.”

05.01.20 Press Release

Central 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.

31.12.19 Press Release

The State of Kuwait and the Kingdom of Saudi Arabia connect their points of sale via the GCCNET

The State of Kuwait and the Kingdom of Saudi Arabia connect their points of sale via the GCCNET.

31.12.19 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2019

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 3Q 2019, and the revised data of 2Q 2019. The data revealed a surplus of KD 1,324.6 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) compared with a surplus of KD 2,816.9 million during the previous quarter, i.e. a drop by 53.0% equivalent to KD 1,492.4 million. This downturn is mainly attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 2,249.2 million or 24.3% compared with the previous quarter, and the decrease in the total value of payments on the debit side of the Current Account by KD 756.8 million or 11.8% compared with the previous quarter. Furthermore, preliminary data indicated a drop in the surplus of the Balance on Goods by KD 442.1 million or 14.7% to reach KD 2,575.5 million during the third quarter of 2019, compared with KD 3,017.7 million during the previous quarter.

22.12.19 Press Release

CBK Announces an Updated Executives Education Program for Banking and Finance Executives with Harvard Business School for the 11th Year in a Row

Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait, Chairman of the Board of Directors of the Institute of Banking Studies (IBS), announced that IBS will again work with Harvard Business School (HBS) to present a special and updated executive education program for banking and financial executives in the GCC region. Many aspects of the program have been restructured to reflect the latest trends in the evolving banking and financial services sector.

17.12.19 Press Statement

CBK Holds a Meeting with the Banking and Academic Sectors

The Central Bank of Kuwait (CBK) held a meeting with decision makers and experts in the banking and academic sectors on Monday, 16 December 2019.

16.12.19 Press Release

CBK Issues a Commemorative Coin to Mark the 5th Anniversary of H.H. The Amir Being Named “A Humanitarian Leader” for the Year 2014

In celebration of the 5th anniversary of His Highness the Amir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah being named “A Humanitarian Leader” by the United Nations for the year 2014, His Excellency, Dr. Mohammed Y. Al-Hashel, Governor of the Central Bank of Kuwait stated that a commemorative coin has been issued by the Central Bank of Kuwait marking the occasion.

15.12.19 Press Release

CBK Announces Master's Degree Scholarship Program (MDSP) for the Sixth Year

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the sixth year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

11.12.19 Press Statement

CBK Governor Keynote Speaker of 14th High Level Meeting for the Middle East & North Africa Region

CBK Governor Keynote Speaker of 14th High Level Meeting for the Middle East & North Africa Region Region, jointly organized by the Basel Committee on Banking Supervision, the Financial Stability Institute and the Arab Monetary Fund, on December 11, 2019 in Abu Dhabi, UAE.

10.12.19 Press Statement

CBK Develops Statistical Work

The Central Bank of Kuwait (CBK) has published today data on the International Investment Position and Total External Debt of the State of Kuwait in its quarterly statistical bulletin starting from Q1 (January-March) 2019. In line with the international best practices, CBK continuously strives to enhance statistical work through the development of statistical databases and provision of integrated and comprehensive data in terms of coverage, periodicity, timeliness, and quality. The newly introduced tables namely (44) and (44-1) & (46) and (46-1) reinforce principles of disclosures and transparency by including the State of Kuwait’s International Investment Position and Total External Debt, respectively, on an annual and quarterly basis.

09.12.19 Workshop

CBK Holds a Workshop on Information & Cyber Security

The Central Bank of Kuwait (CBK) hosted a workshop on information and cyber security on December 9, 2019 presented by Mr. Ross Knapp, J.P. Morgan's Head of Client Intelligence & Strategic Engagement and was attended by professionals in the Kuwaiti banking sector.

08.12.19 Press Statement

CBK Governor Patron and Keynote Speaker of the 8th Shura Fiqh Conference

His Excellency the Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel delivered a keynote address at the 8th Shura Fiqh Conference on 8th December 2019 at the Four Seasons Hotel, Kuwait. The event took place under the Governor’s patronage.

10.11.19 Press Release

CBK Unveils Liquidity Management and Forecasting Dashboard

His Excellency the Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced CBK’s live and consolidated “Liquidity Management and Forecasting Dashboard”, which enhances the ability to forecast liquidity conditions more accurately and at an earlier point in time, in turn leading to more efficient utilization of monetary policy instruments.

06.11.19 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Second Quarter of 2019

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for the 2nd quarter of 2019, and the revised data of the preceding quarter.

03.11.19 Press Release

CBK Launches the Second Round of “Certified Sharia Auditor” Program in Collaboration with IBS

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the second round of the “Certified Sharia Auditor” program in collaboration with the Institute of Banking Studies (IBS).

30.10.19

CBK Cuts its Discount Rate by a Quarter Percentage Point from 3.00% to 2.75%

In light of the Central Bank of Kuwait’s (CBK) mandate to maintain monetary and financial stability, the Board of Directors decided today to lower the discount rate from 3.0% to 2.75%. The decision fulfils the dual objectives of promoting non-inflationary economic growth conditions in non-oil sectors, and ensuring the continued attractiveness and the competitiveness of the national currency as a reliable store of domestic savings, both of which are mainstays of monetary policy.

21.10.19 Press Release

CBK Announces the Launch of Risk Management Leadership Program

The Central Bank of Kuwait (CBK) has announced the launch of the Risk Management Leadership Program, the program falls within the “Kafa’a” capacity-building initiative developed in cooperation with Kuwaiti banks and under the Institute of Banking Studies (IBS) management.

08.10.19 Press Release

CBK's Decision on KFH Request to Acquire Ahli United Bank - Bahrain

The Central Bank of Kuwait (CBK) grants conditional approval on Kuwait Finance House (KFH) request to acquire Ahli United Bank - Bahrain.

06.10.19 Press Release

CBK is Hosting a Workshop Held by the Gulf Monetary Council on Liquidity Forecasting and Management

The Gulf Monetary Council is, in cooperation with the Central Bank of Kuwait (CBK), holding the "Liquidity Forecasting and Management" workshop in Kuwait City on 6-7 October 2019. The workshop aims to increase GCC capacity building, knowledge transfer and shared experiences from leading institutions.

02.10.19

CBK Announces the Launch of Kuwait Graduate Development Program - Ninth Batch

The Central Bank of Kuwait (CBK) has announced the launch of the Kuwait Graduate Development Program (KGDP) – ninth batch. The program aims to train and qualify Kuwaiti graduates to work in the banking sector and falls within the “Kafa’a” capacity-building initiative developed in cooperation with Kuwaiti banks and under the Institute of Banking Studies (IBS) management. The CBK has started the process of receiving applications to join the program, and approved applicants would benefit from theoretical as well as hands-on training lasting a whole year in cooperation with Kuwaiti banks and prestigious international banking institutions.

29.09.19

CBK Launches its "Kafa’a" Initiative for Developing Kuwaiti Nationals in Cooperation with Kuwaiti Banks & IBS

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al- Hashel announced the launch of a new initiative titled “Kafa’a” (Arabic for competence), in cooperation with Kuwaiti Banks & the Institute of Banking Studies (IBS) entailing a comprehensive vision for capacity building among Kuwaiti nationals in banking, financial, and economic sectors. The announcement was made during the governor’s keynote address at the International Banking Conference: Shaping the Future, organized by the CBK on 23 September 2019.

19.09.19

More than Forty Five Participants in the Fintech Exhibition Accompanying the CBK International Banking Conference in Kuwait

Held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Central Bank of Kuwait (CBK) will host “the International Banking Conference: Shaping the Future” on Monday, September 23, 2019 at the Four Seasons Hotel. More than forty five participant including over 25 fintechs will showcase their capabilities at the exhibition accompanying the conference. The exhibition is officially sponsored by Zain. 
As well as welcoming top executives and officials from mainstream banking, the conference will provide delegates with an opportunity to learn first-hand about the fintech innovations that are reshaping financial services in the region.

18.09.19

CBK Decides to Maintain the Discount Rate at its Current Level of 3.0%

The Central Bank of Kuwait (CBK) decided to maintain the discount rate at its current level of 3.0%.

12.09.19

The Governor of CBK and Chairman of the Institute of Banking Studies Concludes "Women & Leadership in Global Business" Program

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of the Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, concluded the program “Women & Leadership in Global Business”, held for the first time in Kuwait in collaboration with the London School of Economics and Political Science (LSE).

10.09.19

CBK Amends the Rules and Regulations of Corporate Governance in Kuwaiti Banks

The Board of Directors of the Central Bank of Kuwait approved in its session held on 10-9-2019 amendments to the rules and regulations of corporate governance in Kuwaiti banks adding independent directors to the composition of the banks’ boards of directors and the board committees.

05.09.19

Kuwait’s Banks Unveiled as Partners for Major International Banking Event

Local banks have been confirmed as partners for the Central Bank of Kuwait’s CBK International Banking Conference on September 23. 
The event, which will be held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jabir Al-Sabah, will host a line-up of speakers including key policymakers, banking industry executives, economists and FinTech experts from across the globe.

19.08.19 Press Release

Top Banking Executives and Policymakers Confirmed as Speakers at the "International Banking Conference: Shaping the Future"

Banking industry leaders are among the many top-level executives and officials confirmed as speakers for the CBK International Banking Conference, which will be held on Monday, September 23 at the Four Seasons Hotel. 
Held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jabir Al-Sabah, the event will bring together decision makers and thought leaders from across the global financial services sector.

05.08.19 Press Release

CBK Hosts the Inaugural International Banking Conference: "Shaping the Future"

Held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jabir Al-Sabah, the Central Bank of Kuwait (CBK) will stage the inaugural CBK International Banking Conference on Monday, September 23, 2019. 
Titled Shaping the Future, the event’s speakers will include key policymakers, C-level banking industry executives, banking experts and FinTech entrepreneurs from across the globe.

31.07.19 Press Release

CBK Decides to Maintain the Discount Rate at its Current Level of 3.0%

The Central Bank of Kuwait (CBK) decided to maintain the discount rate at its current level of 3.0%.

30.07.19 Press Statement

CBK Announces the Publication of the Annual Report for the FY2018/19 and the Economic Report 2018

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the publication of CBK’s 47th Annual Report for the Fiscal Year (FY) 2018/19 and 47th Economic Report for the year 2018 in addition to “Highlights on the Economic Report”. The Annual Report contains CBK’s Financial Statements for the FY ended 31 March 2019. The report also comprises the key developments in the main monetary aggregates and banking indicators, along with the supervisory and regulatory efforts and the major banking operations and key tasks performed by CBK to enhance staff performance and upgrade IT infrastructure during said year. Meanwhile, the Economic Report contains the latest available data and statistics on various aspects of the economic performance of the State of Kuwait in 2018 and is composed of six major parts, each dedicated to a key topic.

28.07.19 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the First Quarter of 2019

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for the 1st quarter of 2019, and the revised data of the preceding quarter.

24.07.19 Press Release

CBK ِAnnounces the Publication of the Financial Stability Report for the Year 2018

The Central Bank of Kuwait (CBK) announces the publication of the Financial Stability Report for the year 2018.

16.07.19 Press Statement

CBK Enhances Statistical Work

In continuation of the Central Bank of Kuwait (CBK) efforts to enhance statistical work through the development of statistical databases and provision of comprehensive data in terms of coverage, periodicity, timeliness, and quality, and in line with international best practices in this regard, CBK is introducing Table No.26 into its monthly statistical bulletin. The table includes data on the Official Reserve Assets of Kuwait on a monthly basis and shall be included in the said bulletin as of March 2019.

07.07.19 Press Statement

CBK and MOCI sign a Memorandum of Understanding

The Central Bank of Kuwait (CBK) announced that it had signed a Memorandum of Understanding (MoU) with the Ministry of Commerce and Industry on July 2nd, 2019. The MoU concerns coordination and cooperation on determining each party’s scope of competence when it comes to supervising and regulating some activities of CBK-regulated entities.

02.05.19 Press Release

CBK Honors the Winners of "Kuwaiti Economic Researcher Award" and "Kuwaiti Economic Student Award" 2018

01.05.19 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Fourth Quarter of 2018

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 4Q 2018, and the revised data of the preceding quarter. The data revealed a surplus of KD 1,643 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) compared to a surplus of KD 923 million during the previous quarter, i.e. an upturn by 77.9% equivalent to KD 719.4 million. This upturn in the Current Account surplus is mainly attributable to the decline in the deficit of the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) by KD 1,164 million or 39.6%, to KD 1,778 million during 4Q 2018, compared to a deficit of KD 2,942 million during the previous quarter.

24.04.19 Press Release

CBK Organizes Workshop for Ministry of Justice Accounting Experts

The Governor of the Central Bank of Kuwait (CBK), His Excellency Dr. Mohammad Y. Al-Hashel, announced that CBK had concluded a workshop for Accounting Experts from the Ministry of Justice “General Directorate of Experts”, held 16-24 April, 2019 on the topic of CBK policies, regulations, and instructions.

23.03.19 Press Release

CBK Hosting IMF Panel Discussion on Banking Supervision & Oversight

The Central Bank of Kuwait (CBK) is hosting a high-level panel discussion organized by the International Monetary Fund (IMF) Middle East Center for Economics and Finance (CEF) on banking supervision and oversight.

03.03.19 Press Release

CBK Launches “Certified Sharia Auditor” Program in Collaboration with IBS

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that CBK has launched “Certified Sharia Auditor” program in collaboration with Institute of Banking Studies (IBS).

03.02.19 Press Release

CBK Launches Electronic Banking Services System (EBSS)

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that CBK has launched Electronic Banking Services System (EBSS).

10.01.19 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2018

The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 3Q 2018, and the revised data of the preceding quarter. The data revealed a surplus of KD 2,155 million in the Current Account (that sums up receipts and payments between domestic economy and other economies in terms of goods, services and income) compared to a surplus of KD 2,648 million during the previous quarter, i.e. a downturn of KD 492.5 million (18.6%). This downturn is attributable to the decline in the surpluses of both Balance on Goods and Primary Income and in the deficit of Secondary Income on one hand, and the increasing deficit of Services Account on the other. In more detail, the decline in the Current Account surplus reflects a commensurate decline in the surplus of the Balance on Goods (merchandise exports minus merchandise imports) to KD 3,471 million during 3Q 2018, compared to KD 3,789 million during the preceding quarter. On the other side, the deficit in the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) increased by KD 45.6 million or 2.3%, to KD 2,037 million during 3Q 2018, compared to a deficit of KD 1,991 million during the previous quarter.

29.12.18 Press Release

CBK Announces Master's Degree Scholarship Program (MDSP) for the Fifth Year

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the fifth year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

22.12.18 Press Release

CBK Announces an Executive Education Program for Banking and Finance Executives with Harvard Business School for the Tenth Year in a Row

Dr. Mohammad Yousef Al-Hashel, Governor of the Central Bank of Kuwait, Chairman of the Board of Directors of the Institute of Banking Studies (IBS), announced that the IBS will work with Harvard Business School for the tenth year in a row to present an executive education program for banking and finance executives in the GCC region, during January 26 – 31, 2019.

19.12.18 Press Release

CBK Decides to Maintain the Discount Rate Unchanged at its Current Level of 3.0%

The Central Bank of Kuwait (CBK) decided to maintain the discount rate unchanged at its current level of 3.0%.

15.12.18 Press Release

CBK Governor Announces Launch of Second Round of Cyber Security Leaders Program (CSLP)

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of the Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced the launch of the Second Cyber Security Leaders Program (CSLP). This comes within the Central Bank of Kuwait (CBK) strategy to develop national cadres in the field of banking, the national economy, and to build technical capabilities in information technology and information security, thus bolstering the financial and banking sector’s defenses against the risks of the accelerating developments in modern technology used in the sector’s information systems, ensuring that the latest technology is adopted with reduced risk.

08.12.18 Press Release

CBK Governor Announces the Launch of "Kuwaiti Economic Researcher Award" and “Kuwaiti Economic Student Award”

His Excellency, the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced the launch of the “Kuwaiti Economic Researcher Award”, addressed to Kuwaiti researchers, and the “Kuwaiti Economic Student Award” addressed to undergraduate and postgraduate students aiming to promote scientific research in the economic and banking fields through motivating and encouraging national cadres to enhance their research competence according to high scientific standards in banking and finance fields. The Governor noted that the launch of this annual award by the CBK and Kuwaiti banks in collaboration with Kuwait Institute for Banking Studies (KIBS) is part of CBK’s and Kuwaiti banks’ strategic pursuit to uphold their social responsibility and entrench scientific methodology for addressing banking and finance issues. Ultimately, this would cultivate specialized and highly qualified national cadres in all aspects of the Kuwaiti banking and financial sector.

02.12.18 Press Release

The Governor of the Central Bank of Kuwait meets Board Chairmen of Kuwaiti Banks

Within the framework of continuous meetings between the Central Bank of Kuwait (CBK) and the top management of Kuwaiti banks to discuss and exchange views on issues of mutual concern, His Excellency the CBK Governor, Dr. Mohammad Y. Al-Hashel, met with the board chairmen of Kuwaiti banks, at CBK Headquarters today. His Excellency welcomed the guests expressing his pleasure with this kind of communication and cooperation with the banks, and stressing on the importance of their fruitful participation. During this meeting, opinions were exchanged over the key economic and monetary developments at both local and international levels, as well as performance indicators of Kuwaiti banks, their plans and trends at this current stage. The Governor noted the strong financial positions and resilience of the banking sector represented in its financial integrity indicators in terms of Asset Quality, Capital Adequacy Ratio, Financial Leverage Ratio, and Liquidity Ratios, along with profitability ratios as bolstered by the continuous growth of banks’ profits.

26.11.18 Press Release

CBK Issues Regulatory Sandbox Framework for FinTech

His Excellency, Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait (CBK), announced that CBK has issued Regulatory Sandbox Framework for FinTech.

10.11.18 Press Release

CBK Issued Instructions Regarding the Rules & Regulations for Granting Personal Loans & Financing Facilities (Consumer/Housing) in Addition to Issuance of Credit Cards

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, stated that within the framework of CBK’s routine revision of its issued regulations and rules in view of economic and banking developments related to the goals and consequences of these instructions, CBK had, in cooperation with an international consultancy company, reviewed and assessed its issued instructions regarding the rules and regulations for granting consumer and installment loans/ finance.

09.10.18 Press Release

CBK-IIFM Seminar on Islamic Hedging, Liquidity Management and Sukuk Hosted by CBK

The Central Bank of Kuwait (CBK) is hosting a seminar in coordination with the International Islamic Financial Market (IIFM), on Islamic Hedging, Liquidity Management and Sukuk, on Wednesday, October 10, 2018.

08.10.18 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Second Quarter of 2018

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for the second quarter of 2018, and the revised data of the first quarter of 2018. The aforesaid data show that the Current Account (summing up receipts and payments between domestic economy and other economies in terms of goods, services and income) recorded a surplus of KD 2,878 million during the second quarter of 2018 against a surplus of KD 1,855 million during the previous quarter, representing a hike of KD 1,023.1 million, i.e. 55.2%. The upturn in the Current Account surplus is due to the appreciation in the surpluses of both Balance on Goods and Primary Income on one hand, and the increase in the deficit of Secondary Income, as well as the decrease in the deficit of Services Account on the other. The surplus in the Current Account mainly reflects a surge in the surplus of the Balance on Goods (merchandise exports minus merchandise imports) to KD 3,789 million during the second quarter of 2018, compared to KD 3,356 million during the previous quarter. Furthermore, the deficit in the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) decreased by KD 219.3 million or 10.0% to KD 1,969 million during the second quarter of 2018, compared to a deficit of KD 2,188 million during the previous quarter.

26.09.18 Press Release

CBK Decides to Maintain the Discount Rate Unchanged at its Current Level of 3.0%

With the utmost keenness to reinforce the atmosphere conducive to non-inflationary economic growth of the non-oil sectors, and to maintain the attractiveness and competiveness of the national currency as a store for domestic savings, and taking into account the economic, monetary and banking data, the Board of Directors of the Central Bank of Kuwait (CBK) decided to maintain the discount rate unchanged at its current level of 3.0% and continue using the available monetary policy tools.

24.09.18 Press Release

CBK ِAnnounces the Publication of the Financial Stability Report for the Year 2017

The Central Bank of Kuwait (CBK) announces the publication of the Financial Stability Report for the year 2017.

23.09.18 Press Release

CBK Issues Instructions Regulating Electronic Payments

The Central Bank of Kuwait (CBK) had issued instructions to all service providers for regulating electronic payments.

22.09.18 Press Release

CBK Announces the Launch of Kuwaiti Graduates Development Program (KGDP) - Eighth Batch

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the eighth year running a Kuwaiti Graduates Development Program (KGDP), a training and qualifying program for Kuwaiti nationals new graduates to work in the banking sector in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (KIBS).

10.09.18 Press Statement

CBK ِAnnounces the Publication of the Economic Report for the Year 2017

The Central Bank of Kuwait (CBK) announces the publication of the Economic Report for the year 2017.

08.09.18 Press Release

CBK Announces the Publication of the Annual Report for the Fiscal Year 2017/18

His Excellency, Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait (CBK), announced the release of the CBK’s Annual Report for FY2017/18.

15.08.18 Press Release

CBK Instructions to Local Banks on Providing Free Text Messaging Services to Customers for all their Banking Transactions

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Yousef Al-Hashel, stated that CBK has issued instructions to all Kuwaiti banks and branches of foreign banks operating in the State of Kuwait to provide free text messaging alert service to all their individual customers for all banking transactions executed on their accounts including card transactions of various types, and other electronic transactions, unless the customer requests to be contacted by other means such as e-mail or smart phone notification. The Governor added that banks are required to provide the electronic systems supporting such service so that it should be fully operational as of 16-09-2018.

19.07.18 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the First Quarter of 2018

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for the first quarter of 2018 and the revised data of the fourth quarter of 2017. The aforesaid Data show that the Current Account surplus (summing up receipts and payments between domestic economy and other economies in terms of goods, services and income) recorded a surplus of KD 1,680 million during the first quarter of 2018 against a surplus of KD 1,158 million during the previous quarter, representing a hike of KD 521.8 million, i.e. 45.1%. The upturn in the current account surplus is due to the appreciation in the surplus of balance on goods and the depreciation in the surplus of primary income on one hand, and the increase in both services account deficit and secondary income deficit on the other. The surplus in the current account mainly reflects a surge in the surplus of the balance on goods (merchandise exports minus merchandise imports) to KD 3,350 million during the first quarter of 2018, compared to KD 2,291 million during the previous quarter. Furthermore, deficit in the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) increased by KD 294.8 million or 17.8% to KD 1,954 million during the first quarter of 2018, compared to a deficit of KD 1,659 million during the previous quarter.

13.06.18 Press Release

Based on Thorough Data Analysis, the CBK Maintains its Discount Rate at 3%

The Board of Directors of the Central Bank of Kuwait (CBK) has decided to keep the current discount rate at 3% to bolster conditions conducive to recovery of economic growth. The Bank is to continue utilizing monetary policy instruments and measures to enhance the attractiveness and the competitiveness of the national currency as a reliable, lucrative store for local savings. The decision to retain the current rate was result of continuous monitoring of developments and expected trends in economic, monetary and banking conditions and in interest rate trends on major currencies, mainly the US Dollar, and following a US Federal Reserve decision on 13 June, 2018 to increase interest rate on federal funds.

08.05.18 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2017

The Central Bank of Kuwait (CBK) published today (8-5-2018) the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for 2017 and the revised data of 2016.

06.05.18 Press Release

CBK Honors the Winner of "Kuwaiti Economic Researcher Award" 2017

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Chairman of the Board of Directors of the Institute of Banking Studies (IBS), Dr. Mohammad Y. Al-Hashel, honors the winner of "Kuwaiti Economic Researcher Award" for the year 2017.

30.04.18 Press Release

CBK-IFSB High-Level Conference to Tackle Key Macro Level Issues on Islamic Finance

The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are pleased to announce the agenda for the upcoming CBK-IFSB Islamic finance conference held on 2 May 2018, in Kuwait City, under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

16.04.18 Press Release

Top Level Experts to Speak at the CBK-IFSB Conference on Islamic Finance: A Universal Value Proposition

The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are pleased to announce the top-level speakers who will participate at the upcoming CBK-IFSB Islamic Finance Conference on May 2, in Kuwait City.

05.04.18 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Fourth Quarter of 2017

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for the fourth quarter of 2017 and the revised data of the third quarter of the same year. The aforesaid data shows that the Current Account (summing up receipts and payments between domestic economy and other economies in terms of goods, services and income) recorded a surplus of KD 1,108 million against a surplus of KD 488 million during the comparative period, representing a hike of KD 620 million or 127.1%. The upturn in the current account surplus is due to the appreciation in the surplus of balance on goods and the depreciation in the surplus of primary income on one hand, and the contraction in the services account deficit and the increase in the secondary income deficit on the other. The surplus in the current account mainly reflects a surge in the value of oil exports at a greater rate than that of value of merchandise imports resulting in increasing surplus of the balance on goods (merchandise exports minus merchandise imports) to KD 2,291 million during the last quarter of 2017 as compared to KD 1,748 million during the previous quarter. Furthermore, deficit in the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) fell by KD 348 million or 17.9% to KD 1,596 million during the fourth quarter of 2017, compared to a deficit of KD 1,944 million during the previous quarter.

27.03.18 Press Release

CBK-IFSB Conference on Islamic Finance themed “Islamic Finance: A Universal Value Proposition”

The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are pleased to announce that they will be organizing a high-level global conference on Islamic finance. The conference will be held on the 2nd of May 2018 in the State of Kuwait in conjunction with the IFSB Annual Meetings 2018, hosted by the CBK.

21.03.18 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point to 3% From 2.75% Effective from 22-3-2018

His Excellency the Governor and Chairman of The Board of Directors of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that CBK Board of Directors decided to raise the discount rate by a quarter percentage point to 3% from 2.75% effective from 22-3-2018.

11.02.18 Press Release

CBK Issues a Circular Amending the Mechanism of Customer’s Complaints

Central Bank of Kuwait (CBK) issues a circular to CBK regulated entities regarding amending the mechanism of customer’s complaints.

17.01.18 Press Statement

CBK and CMA signed a Memorandum of Understanding

In a joint statement, the Central Bank of Kuwait (CBK) and the Capital Markets Authority (CMA) announced that they have signed a co-ordination and co-operation Memorandum of Understanding (MOU).

06.01.18 Press Release

CBK Announces Scholarship Program for Master Degree

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the fourth year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

19.12.17 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2017

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for the third quarter of 2017 and the restated data of the second quarter of the mentioned year. Data shows that the Current Account (which sums up receipts and payments between domestic economy and other economies in terms of goods, services and income) recorded a surplus of KD 424 million during 2017 Q3 against a surplus of KD 261 million during the previous quarter, i.e. a rise of KD 162 million or 62.1%. The upturn in the current account surplus resulted from the increase in the surpluses of balance on goods, primary and secondary incomes on one hand, and the rise in the services account deficit on the other hand. The mentioned surplus in the current account mainly reflects an increase in the value of oil exports at a greater rate than the increase in the value of merchandise imports resulting in a rise in the surplus of the balance on goods (merchandise exports minus merchandise imports) to reach KD 1,920 million during 2017 Q3 compared to KD 1,789 million during the previous quarter. On the other hand, deficit in the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) increased by KD 334 million or 19.7% to reach KD 2,029 million during 2017 Q3, compared to a deficit of KD 1,696 million during Q2.

18.12.17 Press Release

CBK Announces an Executive Education Program for Banking and Finance Executives with Harvard Business School

Dr. Mohammad Yousef Al-Hashel, Governor of the Central Bank of Kuwait, Chairman of the Board of Directors of the Institute of Banking Studies (IBS), announced that the IBS will work with Harvard Business School for the ninth year in a row to present an executive education program for banking and finance executives in the GCC region, and from other Middle Eastern countries, during January 27th – February 1st, 2018.

13.12.17 Press Release

On the Basis of a Thorough Study of Latest Data, CBK Maintains its Discount Rate at Current Level

On the basis of a thorough study of latest data, the Central Bank of Kuwait (CBK) maintains its discount rate at current level.

21.11.17 Press Release

CBK Organizes Workshop on Combating Money Laundering and Financing of Terrorism

Central Bank of Kuwait organizes a workshop on Combating Money Laundering and Financing of Terrorism, held in the State of Kuwait during 21-23 November 2017.

14.11.17 Press Release

CBK Announces the Launch of the Cyber Security Leaders Program (CSLP)

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that CBK has launched the Cyber Security Leaders Program (CSLP), a training and qualifying program for Kuwaiti nationals specialized in the field of IT security, in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (KIBS).

05.11.17 Press Release

CBK Board of Directors' Decision Regarding CBK Employees’ Salaries

His Excellency, The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel statement on CBK Board of Directors' decision regarding CBK employees’ salaries.

02.11.17 Press Release

CBK Assures the Genuineness and Highest Quality of all Denominations of the Kuwaiti Dinar Banknotes in Circulation

The Central Bank of Kuwait (CBK) assures the genuineness and highest quality of all denominations of the Kuwaiti Dinar banknotes in circulation.

29.10.17 Press Release

CBK Announces the Launch of Kuwaiti Graduates Development Program (KGDP) - Seventh Batch

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the seventh year running a Kuwaiti Graduates Development Program (KGDP), a training and qualifying program for Kuwaiti nationals new graduates to work in the banking sector in collaboration with Kuwaiti banks and managed by the Institute of Banking Studies (KIBS).

05.10.17 Press Release

The Governor Receives the Fifth Batch of Graduates of the Kuwaiti Graduates Development Program (KGDP)

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, received the fifth batch of graduates of “Kuwaiti Graduates Development Program (KGDP)”, and congratulated them on their successful completion of the program and expressed his hope and aspirations for them with more success in their careers in the Kuwaiti banking sector. Dr. Al-Hashel affirmed that this program initiated by CBK in collaboration with the Kuwaiti banks is deemed a national project that contributes to develop and improve the skills and competencies of Kuwaiti national workforce with the aim to continue enhancing the banking industry in the country.

03.10.17 Press Release

CBK Announces the Launch of "Kuwaiti Economic Researcher Award"

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announces the launch of the "Kuwaiti Economic Researcher Award".

13.08.17 Press Statement

CBK ِAnnounces the Publication of the Economic Report for 2016

The Central Bank of Kuwait (CBK) announces the publication of the Economic Report for 2016.

09.08.17 Press Statement

CBK Announces the Publication of the Financial Stability Report for 2016

Press Statement: CBK Announces the Publication of the Financial Stability Report for 2016.

08.08.17 Press Statement

CBK Announces the Publication of the Annual Report for the Fiscal Year 2016/17

His Excellency, Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait (CBK), announced the release of the CBK’s Annual Report for FY2016/17, which is the 45th issue of Annual Reports series prepared and published by CBK. The Governor clarified that the report contains CBK Balance Sheet and Profit & Loss Account for the FY ended 31st March 2017 and the Auditors’ Report on the financial statements. In addition, the report outlines the key developments in the main monetary and banking indicators and aggregates in the areas of the KD exchange rate, domestic interest rates, money supply, deposits, bank credit, domestic liquidity, public debt instruments, aggregate balance sheet of local banks, and domestic inflation rate in addition to CBK’s regulatory and supervisory efforts as well as the major banking operations and key tasks performed by CBK to improve its manpower capabilities and modernize its IT infrastructure.

14.06.17 Press Release

CBK Maintains Discount Rate at Current Levels

In a release to the press, His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, highlighted recent domestic economic, monetary and banking conditions and developments and their future trends, as well as the recent developments in US Dollar, interest rates and the key trends of CBK monetary policy. Dr. Al-Hashel noted that the continuous monitoring by CBK indicate a modest growth in domestic economic activity, supported by public expenditure, particularly capital expenditure, despite low crude oil prices, on one hand, and increasing interest rate on the US Dollar in light of the decision by US Federal Reserve on 14-06-2017 to raise further the interest rates on the other hand.

06.05.17 Press Release

CBK and AAOIFI Organize Workshop on Developing the Islamic Financial and Banking Business

The Central Bank of Kuwait (CBK) Organizes, in collaboration with "Accounting and Auditing Organization for Islamic Financial Institutions" (AAOIFI), a workshop on developing the Islamic financial and banking business and enhancing the related professional capabilities and know-how, held in CBK headquarters during Sunday & Monday 7-8 May 2017.

04.05.17 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2016

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for 2016 and the revised data of 2015. Data shows that the Current Account (which sums up transactions between domestic economy and other economies encompassing goods, services and income) recorded a deficit of KD 1510 million during 2016 (4.5% of total estimated 2016 GDP at current prices) against a surplus of KD 1208 million during 2015 (3.5% of 2015 GDP at current prices). The mentioned deficit in the current account reflects mainly the decrease in the value of oil exports on the one hand, and relative stability in the value of merchandise imports on the other causing a drop in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on FOB basis) to reach KD 6075 million during 2016 compared to KD 8396 million during the previous year. Furthermore, deficit in the Services Account ((Net) reflects the value of services transactions between residents and non residents, the most important of which are transportation, travel, communications, construction, other services and government goods and services) increased to reach KD 6353 million during 2016 compared to a deficit of KD 6011 million during the previous year.

15.03.17 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point to 2.75% From 2.50%

His Excellency the Governor and Chairman of The Board of Directors of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced in a press statement that CBK Board of Directors decided to raise the discount rate by a quarter percentage point to 2.75% from 2.50% effective from 16-03-2017. The Governor added that this decision is based on the continuous monitoring by CBK of the domestic economic, monetary and banking conditions including movements of the KD interest rates in the domestic market taking into consideration movements in interest rates on major international currencies. Dr. Al-Hashel further explained that the decision to raise the discount rate reflects CBK’s efforts to ensure the continued competitiveness and attractiveness of the national currency as a store of domestic savings, which constitute a major source of funding provided by the local banking and financial units to the various sectors of the national economy and thus maintain a supporting environment for sustainable economic growth and development.

31.01.17 Press Release

CBK Approves Opening of a Second Branch of Al Rajhi Bank in the State of Kuwait

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announces that CBK’s Board of Directors has approved the opening of a second branch of Al Rahji Bank in the State of Kuwait.

14.01.17 Press Release

CBK Announces Scholarship Program for Master Degree

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the third year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

20.12.16 Press Release

CBK Issues Instructions on Shariah Supervisory Governance for Kuwaiti Islamic Banks

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al Hashel announced that the CBK Board of Directors has resolved, in its session held on December 20th, 2016, to issue instructions on “Shariah Supervisory Governance for Kuwaiti Islamic Banks.”  The issuance of these instructions are in line with the continuing efforts exerted by the CBK to promote Islamic banking activities in the State of Kuwait and accordingly to develop Shariah supervisory regulations for Islamic banks as per applicable best practices.  The aforesaid instructions replace the CBK’s instructions regarding “Rules and Conditions for the Appointment and Responsibilities of the Shariah Supervisory Board in Islamic Banks” issued on June 15th and June 19th, 2003 and complement the instructions related to “Rules & Standards of Corporate Governance in Kuwaiti Banks” issued in 2012.

14.12.16 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point to 2.50% From 2.25%

His Excellency the Governor and Chairman of The Board of Directors of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced in a press statement that CBK Board of Directors decided to raise the discount rate by a quarter percentage point to 2.50% from 2.25% effective from 15-12-2016. The Governor added that this decision is based on the continuous monitoring by CBK of the domestic economic, monetary and banking conditions including movements of the KD interest rates in the domestic market taking into consideration movements in interest rates on major international currencies. Dr. Al-Hashel further explained that the decision to raise the discount rate reflects CBK’s efforts to ensure the continued competitiveness and attractiveness of the national currency as a store of domestic savings, which constitute a major source of funding provided by the local banking and financial units to the various sectors of the national economy and thus maintain a supporting environment for sustainable economic growth and development.

15.11.16 Press Statement

International Monetary Fund 2016 Article IV Consultation - Concluding Statement

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, issued a press statement at the end of International Monetary Fund (IMF) mission visit to the State of Kuwait during November 6-14, 2016 under 2016 regular Article IV consultation.

08.11.16 Press Release

CBK Issues a Commemorative Coin on the 130th Anniversary of the First National Currency Coin “Pice”

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that CBK issued a commemorative coin for the 130th anniversary of the first national coin "Pice".

15.10.16 Press Release

CBK Announces a Training and Qualifying Career Program

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the sixth year running a Kuwaiti Graduates Development Program (KGDP) in collaboration with Kuwaiti banks.

21.09.16 Press Statement

CBK ِAnnounces the Publication of the Economic Report for 2015

The Central Bank of Kuwait (CBK) announced the publication of the Economic Report for 2015, following the release of Gross Domestic Product (GDP) data by the Central Statistical Bureau at the end of July 2016. This is the forty-fourth issue of the Economic Reports series that the CBK is keen to publish on an annual basis to provide comprehensive coverage and developments of the economic activities in the State of Kuwait. The report comprises the latest available data and statistics on various aspects of the economic performance in the State of Kuwait during 2015. Moreover, the CBK has issued, for the first time, an annex that summarises the main economic indicators contained in the Economic Report for 2015. The report is composed of six major parts, each addressing a key topic at an appropriate detail.

12.07.16 Press Statement

CBK Announces the Publication of the Financial Stability Report for 2015

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the publication of the Financial Stability Report (FSR) for 2015 - the fourth in a series of reports published by CBK as part of its efforts to enhance transparency and to make available reliable information and statistics related to the Kuwaiti banking system and financial sectors.

21.06.16 Press Release

CBK Announces the Publication of the Annual Report for the Fiscal Year 2015/16

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the release of the Annual Report of the CBK for the fiscal year (FY) 2015/16. The Governor clarified that this 44th issue of the series of Annual Reports prepared and published by the CBK contains the CBK Balance Sheet, the Profit & Loss Account for FY ended 31st March 2016, in addition to the Auditors' Report on the financial statements.

17.05.16 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2015

The Central Bank of Kuwait (CBK) published today the preliminary data of the Balance  of Payments (BOP) of the State of Kuwait for 2015 and the revised data of 2014 in coherence with the guidelines of the sixth edition of the Balance of Payments Manual issued by the International Monetary Fund in 2009 (BPM6). Preliminary data of the State of Kuwait’s BOP of 2015 show a decline in the surpluses of the external balances. The Current Account (reflecting the outcome of transactions between domestic economy and other economies encompassing goods, services, Primary Income “investment income”, and Secondary Income “current transfers”) realized a surplus of KD 1797 million (3.9% of nominal 2014 GDP) during 2015 against KD 15479 million during 2014 (33.2% of nominal 2014 GDP). The decline in the current account surplus reflects mainly the decrease in the value of oil exports which in addition to the rise in merchandise imports led to a drop in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) to reach KD 8419 million during 2015 compared to KD 22059 million during the previous year on the one hand, and the increase in the deficit on the services account to reach KD 5774 million during 2015 compared to KD 5148 million during the previous year on the other.

02.05.16 Press Release

CBK hosts Regional Seminar on “Liquidity Risk and Recovery and Resolution Planning (RRP) for D-SIBs”

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that in line with CBK efforts to reinforce the financial stability, highlight the factors that may be a source of shocks affecting that stability and define the appropriate controls to minimize and address such risks, CBK hosts a Regional Seminar on “Liquidity Risk and Recovery and Resolution Planning (RRP) for D-SIBs” in collaboration with the General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC) during the period from 03 to 05 May 2016 with participation of representatives of GCC central banks and monetary institutions.

28.03.16 Press Release

CBK IT Sector Receives the International Standard of Quality Management System Certification ISO 9001:2015

Bureau Veritas grants the Central Bank of Kuwait’s Information Technology Sector (IT) the international standard of quality management system certification ISO 9001:2015.

23.03.16 Press Release

CBK Organizes Workshop on Combating Money Laundering and Financing of Terrorism

Central Bank of Kuwait organizes a workshop on “Combating Money Laundering and Financing of Terrorism”, in the State of Kuwait during 23-30 March 2016.

09.01.16 Press Release

CBK Announces Scholarship Program for Master Degree

His Excellency the Governor of the Central Bank of Kuwait (CBK) and Chairman of Institute of Banking Studies, Dr. Mohammad Y. Al-Hashel, announced that the CBK has launched for the second year running a Master’s Degree Scholarship Program (MDSP) in collaboration with Kuwaiti banks.

20.12.15 Press Release

CBK Celebrates the Anniversary of H.H. The Amir Being Named “2014 A Humanitarian Leader” by Issuing Commemorative Coins Marking the Occasion

In celebration of the anniversary of His Highness the Amir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah being named “2014 A Humanitarian Leader” by the United Nations, His Excellency, Dr. Mohammed Y. Al-Hashel, Governor of the Central Bank of Kuwait stated that commemorative coins had been issued by the Central Bank of Kuwait marking the occasion.

16.12.15 Press Release

CBK Raises Discount Rate by a Quarter Percentage Point to 2.25%

The Board of Directors of the Central Bank of Kuwait (CBK) decided to raise the Discount Rate by a quarter percentage point to 2.25% from 2%. His Excellency, the Governor and Chairman of the CBK Board of Directors, Dr. Mohammad Y. Al-Hashel, announced in a press statement to Kuwait News Agency (KUNA) that CBK decision to raise the discount rate comes into effect from Thursday, 17/12/2015, and reflects CBK efforts to ensure competitiveness and attractiveness of the national currency as a store of domestic savings, and to further strengthen the supporting environment for all the sectors of the national economy. The Governor further explained that the Discount Rate in the State of Kuwait, which is set by CBK, is used to determine maximum interest rates on KD borrowing transactions at local banks and, accordingly, raising the discount rate ensures competitiveness and attractiveness of the national currency as a store of domestic savings and higher returns for KD depends compared to other major currencies, particularly in light of the announcement by US Federal Reserve to raise the federal funds target rate, as a first step to revert to traditional monetary policies after a long period of time implementing exceptional policies knows as “Quantitative Easing”.

25.10.15 Press Release

CBK Releases Guidelines for Net Stable Funding Ratio (NSFR)

His Excellency, The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Yousef Al-Hashel announced the issuance of the Net Stable Funding Ratio (NSFR) guidelines for conventional and Islamic banks.

13.07.15 Press Release

CBK Announces the Publication of the Financial Stability Report for 2014

His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the publication of the Financial Stability Report (FSR) for 2014 - the third in a series of reports published by CBK as part of its efforts to enhance transparency and to make available reliable information and statistics related to the Kuwaiti banking system and financial sectors.

13.07.15 Press Release

CBK Announces the Release of Annual Report for the Fiscal Year 2014/15

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced the release of the Annual Report of the CBK for the fiscal year (FY) 2014/15. The Governor clarified that this 43rd issue of the series of Annual Reports prepared and published by the CBK contains the CBK Balance Sheet, the Profit & Loss Account for FY ending 31st March 2015, in addition to the Auditors' Report on the financial statements.

05.07.15 Press Release

CBK Amends Principles and Rules of Consumer & Installment Loans, Issues Consumer Protection Guide and Instructions to Banks Regarding Services Provided to Special Needs Customers.

His Excellency, The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Yousef Al-Hashel announced the issuance of three important instructions:

26.05.15 Press Release

CBK Announces Launching Automated Cheques Clearing System

His Excellency, The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Yousef Al-Hashel stated that in keeping with efforts to develop the business environment for banks, and to facilitate automation of various banking activities - with the ultimate aim of improving banking services provided to the public - the CBK’s Board of Directors has approved an automated cheque clearing system as an alternative to the current procedure of processing cheques manually. His Excellency, The Governor indicated that the CBK has been cooperating closely with local banks for about two years in implementing this system.

25.05.15 Press Release

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2014

The Central Bank of Kuwait (CBK) publishes today the preliminary data of the Balance of Payments (BOP) of the State of Kuwait for 2014 and the revised estimates of 2013 in coherence with the guidelines of the sixth edition of BOP Manual issued by the International Monetary Fund in 2009 (BPM6). Preliminary data of the State of Kuwait’s BOP of 2014 show continuing yet declining surpluses in the external balances. The Current Account (reflecting the outcome of transactions between domestic economy and other economies encompassing goods, services, Primary Income “investment income”, and Secondary Income “current transfers”) realized a surplus of KD 15140 million (30.4% of nominal 2013 GDP) during 2014 against KD 20210 million during 2013 (40.5% of nominal 2013 GDP). The decline in the current account surplus reflects mainly the decrease in the value of oil exports which in addition to the rise in merchandise imports led to a drop in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) to reach KD 22027 million during 2014 compared to KD 25571 million during the previous year on the one hand, and the increase in the deficit on the services account to reach KD 4985 million during 2014 compared to KD 4204 million during the previous year on the other.

18.05.15 Press Release

2015 International Award for Best Banknote Issue

During the Annual Currency Conference held in Vancouver, Canada between the 10th to 13th May 2015, the International Association of Currency Affairs (IACA) announced that the Sixth Issue of KWD banknotes has been awarded the 2015 International Award for Best Banknote Issue.

27.04.15 Press Release

CBK Publishes Banking Sector Soundness Indicators

His Excellency, The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, has released a statement indicating that in accordance with a policy aimed at providing a set of inclusive financial indicators on the banking and financial system in the State of Kuwait, the Central Bank is to enlarge the range of information provided by means of its quarterly statistical bulletins – particularly with respect to information concerning the asset quality, capital adequacy, liquidity, profitability and operating efficiency of local banks.

19.04.15 Press Release

CBK Announces the Withdrawal of the Fifth Issue of Currency Notes from Circulation

H.E. the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that the remaining volume of the fifth issue of Kuwaiti Dinar (KWD) banknotes left in circulation was to be withdrawn from public circulation, and would no longer represent legal tender as from close of business 1st October 2015. In this regard it will be noted that a new, sixth issue of KWD banknotes was released into public circulation by the CBK on 29th June 2014 and that the total amount of banknotes currently outstanding is estimated as being KWD 1,400 million.

28.03.15 Press Release

CBK Signs Letter of Intent for Cooperation in Banking Supervision with China Banking Regulatory Commission

His Excellency, The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, today stated that there had been an Exchange of Letters between the CBK and the China Banking Regulatory Commission (CBRC) for mutual cooperation in the field of banking supervision within the framework of guidelines and recommendations promoted by the Basel Committee on Banking Supervision (BCBS), and for the exchange of information on banking matters between the State of Kuwait and the People’s Republic of China.

25.03.15 Press Release

CBK Announces Issuing Special Edition of the Monthly Monetary Statistics

The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel announced that CBK has issued a special edition of the Monthly Monetary Statistics (MMS) containing time-series on main monetary and banking variables of the Kuwaiti economy. Some of these time-series extend to more than forty years ago and are thus valuable resources of information for researchers and other parties interested in the Kuwaiti economy in general, and in the banking and financial affairs in particular.

23.12.14 Press Release

CBK Announces Liquidity Coverage Ratio - LCR

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, announces the liquidity coverage ratio for both conventional and Islamic banks.

04.11.14 Press Release

CBK Announces Publication of Financial Stability Report for 2013

The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, announces publication of the Financial Stability Report for 2013.

23.10.14 Press Release

The 60th meeting of the Committee of Governors of Monetary Agencies and Central Banks in GCC in the State of Kuwait

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel heads the 60th meeting of the Committee of Governors of Monetary Agencies and Central Banks in the GCC, which will be held on Friday, 24th October, 2014, in the State of Kuwait. H.E. the Governor will also participate in the 30th meeting of the board of directors of Gulf Monetary Council which is scheduled on Saturday, 25th October, 2014.

21.10.14 Press Release

CBK Approves Opening of a Second Branch of QNB in the State of Kuwait

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announces that CBK’s Board of Directors has approved the opening of a second branch of Qatar National Bank (QNB) in the State of Kuwait.

21.10.14 Press Release

CBK Announces the Instructions for Implementing the Leverage Ratio Standards to Kuwaiti Banks

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announces that CBK’s Board of Directors has approved the Instructions for implementing the Leverage Ratio Standards to Kuwaiti banks.

16.09.14 Press Release

CBK Announces Publication of Annual Report for the Fiscal Year 2013/14

The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announces to the public the release of the Annual Report of CBK for the fiscal year (FY) 2013/14.

06.09.14 Press Statement

H.E. the Governor of CBK Extends his Appreciation and Pride for Naming His Highness the Amir of Kuwait as a “Humanitarian Leader” and Kuwait as an “International Humanitarian Center”

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel extends his appreciation and pride on the occasion of the United Nations (UN) honoring and naming His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah as a “Humanitarian Leader” and naming the State of Kuwait as an “International Humanitarian Center”.

09.07.14 Press Statement

Limited and Primitive Amount of Counterfeiting the New Currency Was Discovered

His Excellency the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel stated that a small number of comparatively crude attempts to counterfeit the newly-circulated 6th issue banknotes had been detected. The Central Bank of Kuwait, in collaboration with other concerned authorities had, therefore, initiated the necessary steps to bring to account those responsible for this heinous act.

28.06.14 Press Statement

CBK Announces the Release of the 6th Issue of Kuwait Banknotes into Circulation

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced that the CBK has finalised its preparations for the release of the 6th issue of Kuwait banknotes into circulation on Sunday 29th June 2014.

24.06.14 Press Statement

CBK Announces the Implementation of the Instructions of Basel III Capital Adequacy Standard in its Final Format to All Local Banks

His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, stated that the CBK’s Board of Directors approved, in a meeting held on 24-06-2014, the instructions of Basel III Capital Adequacy Standard in its final format for both conventional and Islamic banks, having already adopted on 24-12-2013 the regulatory capital structure and the transitional phase for implementation thereof in the light of the positive outcomes of the Quantitative Impact Study (QIS) reflecting the ability of banks to meet Basel III capital adequacy standards - despite the additional requirements with respect to regulatory capital.

18.05.14 Press Statement

CBK Announces the Registration of Industrial and Commercial Bank of China in the Register of Banks

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, stated that Resolution of the Minister of Finance No. (23) of 2014 has been issued on 18-05-2014 for registration of the Industrial and Commercial Bank of China “ICBC” branch in the Register of Banks with the Central Bank of Kuwait “CBK”. Therefore, ICBC branch was registered in CBK Register of Banks effectively from the aforesaid date based on approvals the said bank obtained from CBK Board of Directors and Council of Ministers to inaugurate a branch in the State of Kuwait.

27.04.14 Press Release

CBK Announces the Launch of the GCC POS Service

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, who is also the current chairman of the Committee of the GCC Governors of Monetary Agencies and Central Banks, said that in line with the enduring coordination among GCC monetary agencies and central banks and pursuant to the resolution of the Committee of Governors passed in its 59th meeting held in the State of Kuwait during 11-12 March 2014, POS Services through the debit cards issued by the banks operating in GCC countries shall be launched on May 1st, 2014 initially within Kingdom of Bahrain, State of Kuwait and State of Qatar, while the other GCC countries will join in a later stage once their systems become ready to fulfill service requirements.

24.04.14 Press Statement

Key Developments in the Balance of Payments of the State of Kuwait for the Year 2013*

Provisional data on the BOP of the State of Kuwait for 2013 indicate continued surpluses in the external balances. The Current Account (reflecting the outcome of transactions between the domestic economy and other economies encompassing goods, services, Primary Income "investment income", and Secondary Income "current transfers") realized a surplus of KD 20316 million (39.7% of 2012 GDP) during 2013 against KD 22062 million (43.1% of 2012 GDP) during 2012. The decline in the current account surplus mainly reflects the decrease in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) which reached KD 25442 million during 2013 compared to KD 26762 million during the previous year.

20.04.14 Press Conference

Securing Monetary Stability & Financial Soundness in the State of Kuwait

His Excellency, the Governor of the Central Bank of Kuwait (CBK) - Dr. Mohammad Y. Al-Hashel presented “Securing Monetary Stability & Financial Soundness in the State of Kuwait”, in the press conference held at CBK headquarters on Sunday, 20th April 2014.

25.03.14 Press Release

CBK Announces Principles, Rules and Regulations for Foreign Banks’ Licensing and Operations in the State of Kuwait

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announces that CBK’s Board of Directors has approved the Principals, Rules and Regulation for the Licensing and Operations of Foreign Banks’ Branches, and the Regulations for Opening a Foreign Banks’ Representative Offices, in the State of Kuwait.

08.03.14 Press Release

The 59th meeting of the Committee of Governors of Monetary Agencies and Central Banks in GCC in the State of Kuwait

Governors of Monetary Agencies and Central Banks in the Cooperation Council for the Arab States of the Gulf “GCC” shall hold their 59th meeting of the Committee of Governors of GCC Monetary Agencies and Central Banks in the State of Kuwait on 11-12 March 2014 in the State of Kuwait. The meeting will be chaired by H.E. Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel. Dr. Al-Hashel will also participate in the 27th meeting of the Board of Directors of Gulf Monetary Council scheduled on Wednesday, 12 March 2014.

01.02.14 Press Release

CBK Approves Implementation of Basel III Capital Adequacy Standard for Kuwaiti Banks

His Excellency, the Governor of the Central Bank of Kuwait (CBK) - Dr. Mohammad Y. Al-Hashel, announced that the CBK’s Board of Directors has approved the structure of the Basel III capital adequacy standard and the transitional  phase of its implementation. This standard is among a set of comprehensive reform measures developed by the Basel Committee on Banking Supervision (BCBS).

05.01.14 Press Release

CBK Announces New Website Launch

His Excellency the Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced that in pursuance of CBK's continued efforts to develop its functions, deepen its role in supporting the national economy, and enhancing transparency through the expansion of an easily accessed base of data and information posted on its website, the CBK today launched a new website, which has an advanced internet browser, and provides rich information for researchers and other interested individuals, and works as a channel for interacting with clients and other website visitors. The launching of the new website consists of two phases, the First (current) phase includes the launching of a new website in English, while the Second phase will introduce the Arabic content of the new website.

12.11.13 Press Release

CBK Announces the issuance of Regulations regarding Private Housing Finance

H.E. Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, announces the issuance of Regulations regarding Private Housing Finance.

06.10.13 Press Release

CBK Announces Publication of Financial Stability Report for 2012

The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, announces publication of the Financial Stability Report for 2012.

06.10.13

Moody's 2013 Sovereign Rating for Kuwait

Moody's 2013 Sovereign Rating Report for Kuwait and a summary in Arabic may be viewed here.

01.10.13

International Monetary Fund 2013 Article IV Consultation -Concluding Statement

An International Monetary Fund (IMF) mission visited Kuwait during September 10-24, 2013 and held discussions with local authorities on the 2013 regular Article IV consultation. For viewing the Mission's Concluding Statement click here.

27.07.13 Press Release

CBK Announces Publication of Annual Report for the Fiscal Year 2012/13

The Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al-Hashel, announced to the public the release of the Annual Report of the CBK for the fiscal year (FY) 2012/13. This 41st issue of the series of Annual Reports prepared and published by the CBK, contains as usual the CBK Balance Sheet, Profit and Loss Account for the fiscal year ending 31 March 2013, and the Auditors' Report.

01.07.13 Press Statement

Key Developments in the Balance of Payments of the State of Kuwait during the First Quarter of 2013

The Central Bank of Kuwait (CBK) publishes today the first quarterly (2013 Q1) preliminary data and estimates of the balance of payments (BOP) of the State of Kuwait and the revised quarterly estimates of 2012 in coherence with the guidelines of the sixth edition of BOP Manual issued by the International Monetary Fund in 2009 (BPM6). Preliminary data of  the State of Kuwait’s BOP of 2013 Q1 show constant surpluses in the external balances. The Current Account (reflecting the outcome of transactions between domestic economy and other economies encompassing goods, services, Primary Income “investment income”, and Secondary Income “current transfers”) realized a surplus of KD 4712 million (10.6% of 2011 GDP) during 2013 Q1 against KD 5493 million (12.4% of 2011 GDP) during 2012 Q4. The decline in the current account surplus reflects mainly the decrease in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) to reach KD 6207 million during 2013 Q1 compared to KD 6622 million during 2012 Q4.

10.06.13

CBK Announces New Banknotes Issue

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced that in its continued pursuit to implement best international central banking practices the CBK conducted an evaluation study for the current issue of banknotes, the 5th issue introduced in the year 1994. The study was initiated in light of the technological advances in the industry of banknotes printing and the improvements achieved in the signs and security specifications thereof.

08.05.13

Main Developments in the Balance of Payments of the State of Kuwait for the Year 2012

The Central Bank of Kuwait (CBK) released today the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2012 and revised data for 2010 and 2011 in accordance with the guidelines of the sixth edition of BOP Manual issued by the International Monetary Fund in 2009. Provisional BOP figures for 2012 show significant rise in the surpluses realized in the main external balances for the second year in a row. The surplus realized in the Current Account (which reflects the outcome of transactions between the domestic economy and other economies involving goods, services, Primary Income "investment income", and Secondary Income "current transfers") increased by 19.6% to reach KD 22174 million during 2012 (49.9% of 2011 GDP), compared to KD 18534 million during 2011 (41.7% of 2011 GDP). That increase in the Current Account surplus was mainly an outcome of the rise in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) by about KD 4784 million (or 21.4%) to reach KD 27101 million during 2012.

11.11.12

The 50th Anniversary of the Enactment of the State of Kuwait's Constitution

The State of Kuwait celebrates the Fiftieth Anniversary "Golden Jubilee" of the enactment and issuance of the State of Kuwait's Constitution, by His Highness the late Shiekh Abdullah Al-Salem Al-Sabah, the Amir of the State of Kuwait. This occasion embodies the profound principles of democracy and public participation in decision -making through generations and is considered an important culturel gain for the State of Kuwait. Under this Constitution, the State of Kuwait has been able to march steadily towards establishing the rule of law and order, and build its foundations on well-established rules ensuring the glory and improvement for the country and its citizens.

01.11.12 Announcement

Gulf Monetary Council (GMCO)

Within its efforts toward building its executive body to pursue the achievement of its goals, the Gulf Monetary Council (GMCO) initiated through its website (en.gmco.int) a recruitment campaign for qualified citizens of its member states. This represents another step by the Board of Directors of GMCO toward building the institutional and administrative setup of GMCO. Recently the Board announced the appointment of Dr. Khalid M. Al Saad as Chief Executive of GMCO.

03.10.12 Press Statement

CBK Cuts its Discount Rate by 50 Basis Points to 2%

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Yousif Al-Hashel announced that after due follow-up of the developments in the economic, monetary and banking situations domestically and globally the Board of Directors of CBK has decided to cut the CBK Discount rate by 50 basis points from 2.50% to 2% effective 4-10-2012.

06.09.12

CBK 2011/2012 Annual Report Published

The Central Bank of Kuwait (CBK) has just published its Annual Report for Fiscal Year (FY) 2011/12. The Annual Report includes the CBK Balance Sheet and Profit and Loss Account for the FY ending 31st March 2012 and the Auditors' Report. It also includes a brief overview of the most salient monetary policy developments and monetary and banking indicators for the mentioned fiscal year in the areas of money supply, local interest rates, KD exchange rates, bank credit, aggregate balance sheet of local banks and aggregate balance sheet of local investment companies, as well as the most important supervisory measures and instructions issued by CBK and the banking operations it has performed during FY 2011/12. Also the CBK Annual Report includes a brief on CBK's efforts towards developing and modernizing the infrastructure and the information technology it utilizes, as well as its endeavors to enhance and develop its manpower. The report is available in both English and Arabic

24.07.12

Fitch Affirms Kuwait at 'AA', Outlook Stable

On July 24, 2012 Fitch Ratings has affirmed Kuwait's Long-term foreign and local currency Issuer Default Ratings at 'AA'. The Outlook on the Long-term ratings is Stable. Fitch Press Release of July 24, 2012 as well as a summary in Arabic may be viewed by clicking here

15.05.12

International Monetary Fund 2012 Article IV Consultation -Concluding Statement

An International Monetary Fund (IMF) mission visited Kuwait during April 18 - April 30, 2012 and held discussions with local authorities for the 2012 regular Article IV consultation. The Concluding Statement of that mission as well as a summary in Arabic may be viewed by clicking here

03.05.12

New Deputy Governor for the Central Bank of Kuwait

A Decree by H.H. the Amir was issued on the 3rd of May, 2012 appointing Mr. Yousef J. Alobaid as Deputy Governor of the Central Bank of Kuwait (CBK). According to Law No. 32 of the year 1968 concerning Currency, the Central Bank of Kuwait and the Organisation of Banking Business, the Deputy Governor of CBK is also a member of its Board of Directors and serves for a 5-year renewable term.

24.04.12

Main Developments in the Balance of Payments of the State of Kuwait for the Year 2011

The Central Bank of Kuwait (CBK) released today the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2011 and revised data for 2009 and 2010. Provisional BOP figures for 2011 show significant rise in the surpluses realized in the main external balances during that year, compared to 2010. The surplus realized in the Current Account (which reflects the outcome of transactions between the domestic economy and other economies involving goods, services, Primary Income "investment income", and Secondary Income "current transfers") increased by 78%to reach KD 19531 million during 2011 (or 54.8% of 2010 GDP), compared with KD 10975 million during 2010 (or 30.8% of 2010 GDP). That increase in the Current Account surplus was mainly an outcome of the rise in the Surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) by about 66.7%, from KD 13632 million during 2010 to KD 22722 million during 2011.

02.04.12

New Governor for the Central Bank of Kuwait

A Decree by H.H. the Amir was issued on the 1st of April, 2012 appointing Dr. Mohammad Y. Al-Hashel as Governor of the Central Bank of Kuwait (CBK) with a rank of Minister. According to Law No. 32 of the year 1968 concerning Currency, the Central Bank of Kuwait and the Organisation of Banking Business the Governor of CBK is also the Chairman of its Board of Directors and serves for a 5-year renewable term.

01.08.11

International Monetary Fund Staff Report and Other Related Documents

On August 1, 2011 International Monetary Fund (IMF) has published the Staff Report for 2011 Article IV Consultation with Kuwait, Public Information Notice (PIN), the Statistical Appendix, Selected Issues. The Reports may be viewed by clicking here

25.07.11

Fitch Affirms Kuwait at 'AA', Outlook Stable

On July 25, 2011 Fitch Ratings has affirmed Kuwait's Long-term foreign and local currency Issuer Default Ratings at 'AA'. The Outlook on the Long-term ratings is Stable. Fitch Press Release of July 25, 2011 as well as a summary in Arabic may be viewed by clicking here

02.06.11

International Monetary Fund 2011 Article IV Consultation

An International Monetary Fund (IMF) mission visited Kuwait during April 27 - May 9, 2011 and held discussions with local authorities for the regular Article IV consultation. The Concluding Statement of that mission as well as a summary in Arabic may be viewed by clicking here

05.05.11

Main Developments in the Balance of Payments of the State of Kuwait for the Year 2010

The Central Bank of Kuwait (CBK) released today the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2010 and revised data for 2009. Provisional BOP figures for 2010 show significant rises in the surpluses realized in the main external balances during that year, compared to 2009. The surplus realized in the Current Account (which reflects the outcome of transactions between the domestic economy and other economies involving goods, services, investment income, and unrequited current transfers) increased by 42.3 %to reach KD 10553 million during 2010, compared with KD 7418 million during 2009. That increase in the Current Account surplus was mainly an outcome of the rise in the Surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) by about 38.7%, from KD 9897 million during 2009 to KD 13731 million during 2010.

23.11.10

The Central Bank of Kuwait Won the Best Visual Award in the Arab Region for Best Website Design for 2010

The Central Bank of Kuwait (CBK) was awarded the Best Visual Award in the central banks category of best visual website in the Arab region for 2010, which was presented at a ceremony hosted by the Pan Arab Web Awards Academy held in Beirut, Lebanon on the 23rd November 2010. Ms. Eiman Alanzi, Head of the Center for Economic and Finance Information Resources, received the prize on behalf of the CBK.

30.08.10

IBAN System Comes into Force as of the Beginning of 2011

H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK), stated that within the framework of CBK's constant concern for developing the functioning of the Kuwaiti banking system and coping with international developments in the banking industry, CBK decided to implement the "IBAN" system (International Bank Account Number) in the State of Kuwait, which aims at achieving international unification of bank accounts in a way which enables banks' systems to achieve speed and accuracy when executing money transfer transactions.

10.05.10

Main Developments in the Balance of Payments of the State of Kuwait for the Year 2009

The Central Bank of Kuwait (CBK) has finished compiling the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2009 and revising the BOP data for the period 2007-2008. Provisional BOP figures for 2009 show a decline in the surpluses realized in the main external balances during that year, compared to 2008. The surplus realized in the Current Account (which reflects the outcome of transactions between the domestic economy and other economies involving goods, services, investment income, and unrequited current transfers) declined by 49.2% to reach KD 8232.3 million during 2009, compared with KD 16194.8 million during 2008.

07.04.10

Registration of a Bank (Warba Bank) in the CBK Islamic Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced in a press statement to the Kuwait News Agency (KUNA) that on 5-4-2010, the Minister of Finance issued the Decision No. (17) regarding the registration of Warba Bank in the CBK Islamic Bank Register. Accordingly, the registration was made in that Register.

31.03.10

Deletion of the Bank of Kuwait and the Middle East (BKME) from the CBK Bank Register to Register it as "Ahli United Bank" in the Islamic Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 30th of March 2010, the Minister of Finance issued Decision No. (14) of the year 2010 regarding deletion of the bank of Kuwait and Middle East from the CBK bank register to be registered as "Ahli United Bank" in the CBK Islamic bank register. According to this decision, the bank of Kuwait and Middle East will be deleted from the CBK conventional bank register to be registered in the CBK Islamic bank register under no. (5) by its new name "Ahli United Bank", to start its activity in accordance with the provisions of the Islamic Sharia as from Thursday, 1st of April 2010.

02.03.10

Registration of a Bank Branch (BankMuscat of the Sultanate of Oman) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 15th of February 2010, the Minister of Finance issued the Decision No. (9) concerning the registration of BankMuscat branch in the CBK Bank Register. Accordingly, the registration was made on that date.

15.02.10

Registration of a Bank Branch (Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank)) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 9th of February 2010, the Minister of Finance issued the Decision No. (7) regarding the registration of Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) branch in the CBK Islamic Bank Register. Accordingly, the registration was made on that date.

08.02.10 Press Statement

CBK Cuts its Discount Rate by 50 Basis Points to 2.5%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors has decided to cut the CBK discount rate by 50 basis points to 2.50% instead of 3.0% effective on 8-2-2010.

20.07.09 Press Statement

Kuwait Financial Forum, 1-2 November, 2009

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the State of Kuwait will be holding a conference entitled "Kuwait Financial Forum" during the 1st- 2nd of November 2009, under the patronage of H.H. the Prime Minister, Sheikh Nasser Al- Mohammad Al-Ahmed Al-Sabah. The conference will be organized by Al-Iktissad Wal-Aamal Group, which has extensive experience in convening and organizing economic and financial conferences and forums in the Middle East, in cooperation of CBK and Kuwait Banking Association.

14.05.09

Main Developments in the Balance of Payments of the State of Kuwait for the Year 2008

The Central Bank of Kuwait (CBK) has finished compiling the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2008, and revising the BOP data for the period 2004-2007. Provisional BOP figures for 2008 indicate that the surpluses realized in the main external balances continued to grow during that year, compared to 2007. The surplus realized in the Current Account (which reflects the outcome of all transactions between the domestic economy and other economies involving goods, services, investment income, and unrequited current transfers) grew at an accelerated rate (30.8%) to reach KD 17404 million during 2008, compared to a surplus of KD 13309 million during 2007.

13.05.09 Press Statement

CBK Cuts its Discount Rate by 50 Basis Points to 3% Effective Thursday, 14/5/2009

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors has decided to cut the CBK discount rate by 50 basis points to 3% instead of 3.50% effective Thursday, 14-5-2009.

13.04.09 Press Statement

CBK Cuts its Discount Rate by a Quarter Percent to 3.50%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors has decided to cut the CBK discount rate by 25 basis points from 3.75% to 3.50%, effective Monday 13th of April 2009. H.E. the Governor explained that this decision represents a continuation of CBK's efforts to strengthen the foundations of growth in the domestic economy in the face of the challenges of the global financial and economic crisis.

17.12.08 Press Statement

CBK Cuts its Discount Rate to 3.75%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors decided to cut the CBK discount rate by 50 basis points from 4.25% to 3.75% effective from Wednesday the 17th of December 2008. H.E. the Governor explained that this decision comes within the continuous steps by CBK in its efforts to strengthen the local environment to face the challenges of the global financial crises.

17.11.08 Press Statement

CBK Board Decisions to Resolve Gulf Bank Crisis

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, stated that the CBK Board of Directors held a meeting on Sunday the 16th of November 2008. The Board discussed measures to strengthen shareholders' equity at the Gulf Bank, in view of the results of the external auditors report assigned to carry out an audit of the bank as of end October 2008, in order to determine the magnitude of the loss suffered by the Gulf Bank following the declaration on 26 October 2008 that the bank suffered a loss as a result of its trading in financial derivatives on behalf of its clients.

03.11.08

Law No. 30/2008 Concerning Guarantee of Deposits at Local Banks in the State of Kuwait Comes into Effect

Law No. 30/2008 Concerning Guarantee of Deposits at Local Banks in the State of Kuwait came into effect on 3-11-2008. The Law consists of 3 articles the first of which states that:

30.10.08 Press Statement

CBK Cuts its Discount Rate to 4.25%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided to cut the CBK discount rate by 25 basis points from 4.50% to 4.25% effective from Thursday the 30th of October 2008. H.E. the Governor explained that the decision is based on the close and continuous monitoring by CBK of the current local and international economic, monetary and banking conditions, and was made to bolster confidence in the national economy and strengthen the role of the banking system in meeting the funding requirements of local economic sectors.

28.10.08 Press Statement

Government Submits to National Assembly a Draft Law to Guarantee Local Bank Deposits.

The Council of Ministers has submitted on an urgent basis to the National Assembly a draft law concerning the State guarantee of customer deposits with local banks. This law will infuse added confidence in the soundness of the banking system.

28.10.08 Press Statement

Gulf Bank Has Closed All Financial Derivative Transactions on Account of its Customers

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced that on the basis of data reported to CBK on Tuesday 28 October 2008 by the Gulf Bank and the controller appointed to supervise the activities of this bank in management of the treasury department and dealings in the exchange and securities markets, all transactions in financial derivatives on behalf of customers have been closed, and that currently the Gulf Bank does not have any such transactions on behalf of its customers.

27.10.08 Press Statement

Gulf Bank

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced that in view of the rumors circulating about losses in some local banks resulting from their transactions in derivative contracts, the Central Bank of Kuwait (CBK) would like to affirm that it has examined all other banks and found non of these local banks incurring any losses in such transactions. H.E. the Governor said, regarding the Gulf Bank and in order to fully reassure the bank depositors CBK reiterates its financial support to the bank and protection of all deposits with it regardless of their type. In addition there is going to be an urgent bill to announce State guarantee of deposits with all local banks.

26.10.08 Press Statement

Gulf Bank

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced that CBK received information from the Gulf Bank, at end of business on Thursday 23 October 2008, that some of its clients suffered financial losses in their transactions through the bank involving derivative contracts. The Gulf Bank pointed out that these losses resulted from the drop of the Euro's exchange rate against the US dollar.

16.10.08 Press Statement

The Central Bank of Kuwait (CBK) Board of Directors issued a number of resolutions concerning the supervisory instructions directed to banks.

The Central Bank of Kuwait (CBK) Board of Directors in its meeting held on 8 October 2008 issued a number of resolutions concerning the supervisory instructions directed to banks. These resolutions resulted from the meticulous efforts that CBK exerts to monitor the extraordinary developments and circumstances caused by the crisis striking world financial markets, and in view of the constant review by CBK of its supervisory instructions issued to units under its supervision to update and conform them to economic and financial developments internally and externally. The resolutions include raising the maximum limit for the ratio of credit facilities to deposits from 80% to 85%, increasing the rate of growth set for bank credit portfolios during 2008 by 5 percentage points for each bank, and considering real estate as one of the acceptable items for the collateral qualified for inclusion in the calculation of the capital adequacy ratio. The CBK Board explained that it is closely monitoring the developing situation, and emphasized its readiness to take necessary measures to boost confidence and strengthen monetary and financial stability in the national economy.

16.10.08 Press Statement

Governor Meets Local Bank Chairmen

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK) met, on Wednesday the 15th of October 2008, the board chairmen of local banks. The purpose of the meeting was to emphasize the importance of the role played by local banks, in their financial transactions with investment companies, to ensure uninterrupted flow of funds into the economy and reinforce the stability of the financial market. In this meeting, H.E. the Governor underlined a number of important aspects of the banking business, at this stage, which included the following:

11.10.08 Press Statement

Governor of CBK Receives the Award of "Central Bank Governor of the Year 2008, Middle East"

Emerging Markets magazine has chosen Sheikh Salem Abdulaziz Al-Sabah, the Governor of CBK for receiving the award of "Central Bank Governor of the Year 2008, Middle East". The Ambassador of the State of Kuwait in Washington DC, Sheikh Salem Al-Abdullah Al-Jaber Al-Sabah, received the award on behalf of the Governor during a ceremony held on the 10th of October 2008 during the IMF and World Bank annual meetings in Washington DC (USA).

08.10.08 Press Statement

CBK Cuts its Discount Rate to 4.5%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided, in its meeting on 8-10-2008, to cut the discount rate by 125 basis points from 5.75% to 4.5% effective from Wednesday the 8th of October 2008. H.E. the Governor explained that the decision resulted from CBK's close monitoring of the fast evolving local, regional and international developments related to the crisis gripping international securities markets, and the need to strengthen the domestic front to confront the potential impacts of that crisis.

24.09.08 Press Statement

The Central Bank of Kuwait will be hosting the proceedings of two workshops during the period 7-8 October, 2008 on the two standards set by Islamic Financial Services Board (IFSB) concerning risk management, and corporate governance in institutions offering Islamic financial services

The Central Bank of Kuwait will be hosting the proceedings of two workshops on the two standards set by Islamic Financial Services Board (IFSB) concerning risk management, and corporate governance in institutions offering Islamic financial services. These workshops will be held in the Coral Hall at the Marina Hotel during the period 7 - 8 October 2008. These events come in the context of the IFSB function to organize and hold various working group workshops in member countries to promote awareness and facilitate implementation of the standards developed and set by it.

22.09.08 Press Statement

CBK Board of Directors reviews developments in the Kuwait Stock Exchange

The Board of Directors of the Central Bank of Kuwait (CBK) held a meeting on Sunday the 21st of September 2008, chaired by CBK Governor H.E. Sheikh Salem Abdulaziz Al-Sabah, in which recent developments in the Kuwait Stock Exchange were discussed. The Board reviewed the local, regional, and international factors influencing activity in the market, in the light of the latest available data and information. The Board concluded that it is important to stress the following points:

17.06.08

Registration of a Bank Branch (Doha Bank of Qatar) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 12th of June 2008 the Minister of Finance issued the Decision No. (23) regarding the registration of Doha Bank branch in the CBK Bank Register. Accordingly, the registration was made on that date.

10.06.08

Preliminary Approval to Licensing Mashreq Bank of the United Arab Emirates to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in its meeting on 10th of June 2008, preliminarily agreed to license Mashreq Bank, a conventional bank from the United Arab Emirates to open a branch in the State of Kuwait.

22.05.08

Provisional Balance of Payments of the State of Kuwait for the Year 2007

Provisional Balance of Payments of the State of Kuwait for the Year 2007

07.05.08

H.E. the Governor Issues a Press Statement on Inflation

H.E. the Governor of the Central Bank of Kuwait (CBK) emphasized the need for concerted efforts by many parties and for consistent economic policies to contain increasing inflationary pressures in the national economy at the current stage. He explained in a special press statement to the Kuwait News Agency (KUNA) that the continued increase in the general level of domestic prices, i.e. price inflation, represents a national challenge. It results from various internal and external factors. He illustrated that increased inflationary pressures meant by definition reduced purchasing power, which makes fighting these pressures a primary objective of the monetary policy of the CBK in both the medium and long runs, stressing at the same time the role that other general economic policies may play in this regard.

04.05.08 Press Statement

The Preliminary Approval to Licensing Muscat Bank of the Sultanate of Oman to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of Central Bank of Kuwait (CBK) has stated that the CBK Board of Directors, in its meeting on 4th of May 2008, preliminarily agreed to license Musqat Bank of the Sultanate of Oman to open a branch in the State of Kuwait.

26.03.08 Press Statement

Announcement of a Seminar on Financial Inquiry Units and Their Applications

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of Central Bank of Kuwait (CBK) and Chairman of Kuwait Financial Inquiry Unit (KFIU) declared to the Kuwait News Agency (KUNA) that CBK and KFIU in collaboration with the US Treasury Department are organizing a seminar titled "The Financial Inquiry Units and their Applications" during the period from 31st of March to 2nd of April 2008 in the Zumurruda Hall at the Kuwait Sheraton Hotel.

24.03.08

CBK Decides to Make Fundamental Changes to its Consumer and Installment Loans Instructions. New Instructions would Curb Growth of these Loans to the Benefit of Citizens, and will Apply Only to New Loans

Main Changes: Cutting Profit Margin Above the Discount Rate + Monthly Installment Not to Exceed 40% of Net Salary of the Employed and 30% of the Pensioners + Fixed Interest to be Reviewed Every Five Years for Installment Loans

24.03.08

H.E. the Governor Announces CBK's Preliminary Approval to Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) of Saudi Arabia to Open a Branch in Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of Central Bank of Kuwait (CBK) has stated that the CBK Board of Directors, in its meeting on 23rd of March 2008, has decided to approve in principle the licensing of Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) of the Kingdom of Saudi Arabia to open a branch in the State of Kuwait.

23.01.08

CBK Cuts its Discount Rate to 5.75%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided to cut the CBK discount rate by 50 basis points to 5.75% from 6.25% effective from Wednesday, 23rd of January 2008. H.E. the Governor explained that the decision resulted from the continued surveillance by CBK of the developments in interest rates on major international currencies, particularly the US dollar, to ensure having consistent local interest rates on the Kuwaiti dinar (KD), taking into account the current domestic economic conditions.

30.12.07

Registration of a Bank Branch (National Bank of Qatar) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 25th of December 2007, the Minister of Finance issued the Decision No. (61) regarding the registration of the National Bank of Qatar branch in the CBK Bank Register. Accordingly, the registration was made on that date.

28.10.07

Anti-Money Laundering and Combating the Financing of Terrorism Regional Conference, 2-3 December, 2007

Anti-Money Laundering and Combating the Financing of Terrorism Regional Conference, 2-3 December, 2007. For further details

17.09.07

Preliminary Approval to Licensing Doha Bank of Qatar to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in its meeting on 16th of September 2007, preliminarily agreed to license Doha Bank of Qatar to open a branch in the State of Kuwait.

28.06.07

Press Statement of H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK), regarding striking the Kuwait Real Estate Bank from conventional banks' register and registering it in the Islamic Banks' Register of the Central Bank of Kuwait under the name 'Kuwait International Bank'.

H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait, announced the issuance on 9/6/2007 of the Minister of Finance decision No. 28 of year 2007 concerning striking the Kuwait Real Estate Bank from the register of conventional banks and recording it in the register of Islamic banks with the CBK under its new name 'International Bank of Kuwait'. In implementation of this decision the Kuwait Real Estate Bank will be struck from the register of banks and recorded under N=3 in the Islamic Banks' Register, under its new name 'International Bank of Kuwait', whereby the bank will start exercising its functions according to the provisions of the Islamic Sharia as of Sunday the 1st of July 2007.

20.05.07

The Kuwaiti Dinar (KD) Re-Pegged to a Basket of Currencies

H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK) announced that based on the Council of Ministers' approval in its session of Sunday the 3rd of Jumada Al-Awal 1428 AH corresponding to the 20th of May 2007 AD, and starting from today, the determination of the exchange rate of the Kuwaiti dinar (KD) against the US dollar became based on a basket of major world currencies reflecting the foreign trade and financial relations of the State of Kuwait, and in a similar way to the policy applied before the 5th of January 2003.

14.05.07

Press Statement of H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK) regarding expanding the content of its periodic statistical publications to encompass statistics and aggregate financial data on exchange companies subject to its supervision, and statistics on the use of plastic cards in the banking system

H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK), announced that the CBK has expanded the content of its periodic statistical publications to encompass statistics and aggregate financial data on exchange companies subject to its supervision, in addition to statistics and data on the growth in the volume of plastic cards operations, which reflects the rise of banking awareness among the public; noting that plastic cards encompass both credit and ATM cards issued by local banks, and those which are issued by foreign banks and used domestically.

09.05.07

Main Developments in the Balance of Payments Statistics of the State of Kuwait for Year 2006

The Central Bank of Kuwait (CBK) has finished compiling the Balance of Payments (BOP) statistics of the State of Kuwait for 2006, and revising the BOP statistics for 2005. Provisional BOP statistics for 2006 indicate that the surpluses realized in the main external balances within these statistics continued to grow at accelerated rates during that period, compared to 2005. The surplus realized in the Current Account (which reflects the outcome of all transactions between the domestic economy and other economies with relevance to goods, services, incomes from production factors whether labor or capital, and unrequited current transfers), grew at an accelerated rate (47.7%) to reach KD 14796 million during 2006 compared to a surplus of KD 10018 million during 2005.

07.11.06

Anti-Money Laundering and Combating the Financing of Terrorism Seminar

Anti-Money Laundering and Combating the Financing of Terrorism Seminar - 26-27 November, 2006. For further details

03.07.06

CBK Raises its Discount Rate to 6.25%

The CBK Board of Directors has decided to raise its discount rate by a quarter percentage point to 6.25% from 6%, effective from 3-7-2006, for the first time since the 2nd of November 2005. It is noted that during the period extending from that date to end of June 2006, the US Federal Reserve made five consecutive rises in its main policy interest rate, totaling 1.25 percentage points.

28.05.06

Press statement of H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, on the inclusion in CBK's periodic publications, of data and statistics on the investment companies subject to CBK's supervision

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement the expansion of the content of CBK's periodic statistical publications, to include aggregate financial data and statistics on both the conventional investment companies and investment companies operating according to the provisions of Islamic Sharia.

25.05.06

Provisional Balance of Payments Statistics of the State of Kuwait for Year 2005

The provisional Balance of Payments statistics of the State of Kuwait for 2005 which is prepared by the Central Bank of Kuwait (CBK) indicate an acceleration of the growth realized in the surplus of the 'Balance on Goods' (the arithmetical difference between the total value of merchandise exports and imports on 'fob' basis), by KD 3681 million (67.8%) to KD 9111 million during 2005, above its level of KD 5430 million during 2004.

11.05.06

CBK Changes KD Dollar Exchange Rate

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al- Al-Sabah announced a rise in the exchange rate of the Kuwaiti dinar against the US dollar to 289.14 fils/dollar from 292 fils/dollar, as of 11-5-2006. H.E. the Governor explained that the decision reflects CBK's eagerness to preserve the purchasing power of the Kuwaiti dinar against the currencies of the trading partners of the State of Kuwait, thereby contributing to the containment of imported inflationary pressures. In this connection, H.E. the Governor noted the upward trend witnessed in the general levels of domestic prices, as expressed by the price indices prepared by the Ministry of Planning, mentioning that data on both the Consumer Price Index -a measure of the general cost of living- and the Wholesale Price Index, especially in regard to imported goods, showed a marked acceleration during 2005, which was owed in large part to the decline in the exchange rate of the US dollar against other major currencies; noting also that the Kuwaiti dinar is pegged to the US dollar within specified margins. In light of the above, the decision to raise the exchange rate of the Kuwaiti dinar against the US dollar aimed at enhancing the purchasing power of the KD against the other currencies, so as to curb the inflationary pressures resulting from the rise in the exchange rate of these currencies against the US dollar.

26.03.06

Registration of a Bank Branch (Citibank, N.A.) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 22nd of March 2006, the Minister of Finance issued the Decision No. (2) regarding the registration of the (Citibank, N.A.) branch in the CBK Bank Register. Accordingly, the registration was made on that date.

13.12.05

Application of the Basle II Capital Adequacy Standard

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK) announced that the CBK Board of Directors, in its meeting on 11th of December 2005, has decided to endorse the application of Basle II Capital Adequacy Standard unto the conventional domestic banks as of 31st of December 2005, thereby making the State of Kuwait the first Arab country to apply this standard.

05.12.05

A Press Statement concerning the Upcoming MENAFATF Evaluator Training in Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK) and Chairman of the National Committee for Combating Money Laundering and Terrorist Financing, announced that CBK and the Middle East & North Africa Financial Action Task Force (MENAFATF), in coordination with both the International Monetary Fund (IMF) and the World Bank, are organizing an Evaluator Training Seminar during the period 17 - 21 December 2005 in the State of Kuwait.

20.11.05

Registration of a Bank Branch (National Bank of Abu Dhabi) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced that on 13th of November 2005 the Minister of Finance Decision No. 24 was issued regarding the registration of the National Bank of Abu Dhabi branch in the CBK Bank Register. Accordingly, the entry was made on that date.

14.11.05

Seminar on Good Corporate Governance in the Banking and Financial Institutions

The Central Bank of Kuwait, in cooperation with the Union of Kuwaiti Banks, is organizing a seminar on good corporate governance in the banking and financial institutions in the State of Kuwait, during the period 15-16 November 2005.

02.11.05

CBK Raises its Discount Rate to 6%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided to raise the discount rate by a quarter percentage point to 6% from 5.75% effective from 2 November 2005. H.E. the Governor explained that the decision was in line with the CBK efforts to strengthen monetary stability in the national economy and check inflationary pressures. He added that the continued surveillance by CBK of domestic monetary, banking and economic developments on the one hand, the trends in interest rates on international currencies, particularly the US dollar on the other hand, revealed a need to raise the discount rate to maintain the competitiveness of the Kuwaiti Dinar to attract local savings after taking into account the exchange rate peg between the Kuwaiti Dinar (KD) and the US dollar, and the upward trend in US interest rates.

03.10.05

CBK Raises Discount Rate to 5.75%

The Board of Directors of the Central Bank of Kuwait (CBK) decided to raise the CBK discount rate by 25 basis points to 5.75% from 5.50%, as of 3-10-2005. This decision was announced by H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait in a press release to the Kuwaiti News Agency KUNA, where H.E. explained that the decision to raise the discount rate was in line with CBK's policy aimed at maintaining the competitiveness of the Kuwaiti dinar as a store of national savings, in light of the sustained uptrend in interest rates on major currencies, led by the US dollar, to which the exchange rate of the Kuwaiti dinar is linked within specific margins, on the one hand, and given CBK's keenness on further firming the atmosphere of monetary stability and curbing inflationary pressures in the national economy, on the other hand.

18.09.05

Registration of a Bank Branch (HSBC Bank Middle East) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 14th of September 2005, the Minister of Finance issued the Decision No. (16) regarding the registration of the (HSBC Bank Middle East) branch in the CBK Bank Register. Accordingly, the registration was made on that date.

12.09.05

H.E. the Governor's Statement on the Total Transformation of the Kuwait Real Estate Bank to an Islamic Bank, and the Opening of a Citibank Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of CBK has stated that on 11 September 2005 the CBK Board of Directors met and deliberated the total transformation of the Kuwait Real Estate Bank (KREB) to operate in accordance with the provisions of Islamic Sharia, and decided to postpone resolution on the subject till all major vacancies are filled, specially the post of the Chief Executive Officer.

03.07.05

CBK Raises its Discount Rate to 5.50%

The CBK Board of Directors has decided to raise the discount rate by 25 basis points to 5.50% from 5.25%, effective from Sunday 3-7-2005. In a press statement to the Kuwait News Agency (KUNA), H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, emphasized CBK's keenness on ensuring the conformity of KD interest rates with the trends in interest rates on major international currencies, particularly the US dollar, so as to provide an atmosphere that enhances the firm bases of monetary stability in the national economy. H.E. the Governor explained that the competitiveness of the national currency as a store of domestic savings is a key element of monetary stability in the Kuwaiti economy, as these savings represent the main source which the local banking and financial system units draw on to meet the financing requirements of their customers' various economic activities. H.E. the Governor added that the openness of the national economy to the outside world, its freedom from any constraints on the flow of funds for capital and current transactions, and the pegging of the KD to the US dollar within specific margins, necessitate the conformity of KD interest rates with the trends in interest rates on major international currencies, particularly the US dollar.

10.04.05

The Developments of the Balance of Payments of the State of Kuwait for Year 2004

H.E. Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait(CBK), announced in a press release to the Kuwait News Agency (KUNA) that the provisional Balance of Payments statistics of the State of Kuwait for 2004 indicate that the 'Balance on Goods' of the State of Kuwait (the arithmetical difference between the total value of merchandise exports and imports on 'fob' basis), realized a surplus estimated at KD 5688 million in 2004, thus recording an increase of KD 2138 million (60.2%), above its level of KD 3550 million during 2003. H.E. the Governor clarified that CBK resorted to estimating the value of non-oil merchandize imports and exports for the preparation of the 'Balance on Goods' of 2004, since these data were not available to date from their official sources.

23.03.05

CBK Raises its Discount Rate to 5.25%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors has decided to raise the discount rate by 25 basis points to 5.25% from 5%, effective from 23-3-2005. H.E. the Governor explained in a press statement to the Kuwait News Agency (KUNA) that the decision to raise the discount rate reflects CBK's efforts to maintain the stability of the monetary environment in the national economy, based on its continual follow-up of the economic, monetary and banking developments on both the domestic and international fronts. H.E. the Governor added that the sustained uptrend in interest rates on major international currencies, particularly the US dollar, necessitates the conformity of KD interest rates with these trends, taking into consideration the rate of activity in the various sectors of the national economy, its structure which is characterized by its openness to the outside world, and the fact that the KD is pegged within margins to the US dollar.

08.03.05

Registration of a Bank Branch (BNP Paribas) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 7th of March 2005 the Minister of Finance issued Decision No. (2) concerning the registration of BNP Paribas branch in CBK Bank Register, based on that, the branch was registered on that date in the mentioned register.

14.02.05

Preliminary Approval to Licensing HSBC Bank Middle East to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in a meeting on 13th of February 2005, decided on the issuance of provisional approval to HSBC Bank Middle East to open a branch in the State of Kuwait.

03.02.05

CBK Raises its Discount Rate to 5%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors has decided to raise the discount rate by a quarter percentage point to 5% from 4.75% effective from 3 February 2005. H.E. the Governor explained that the decision aimed at strengthening monetary stability in the national economy in response to domestic monetary, banking and economic developments on the one hand, and to developments in interest rate on major currencies particularly the US dollar on the other hand.

10.01.05

Preliminary Approval to Licensing National Bank of Abu Dhabi to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in a meeting on 9th of January 2005, decided on the issuance of provisional approval to the National Bank of Abu Dhabi to open a branch in the State of Kuwait.

15.12.04

CBK Raises Its Discount Rate by 25 basis points

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.

11.11.04

CBK Raises its Discount Rate to 4.50%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK board of directors has decided to raise the discount rate by 25 basis points to 4.50%. H.E. the Governor explained in a press statement to the Kuwait News Agency (KUNA) that the decision reflects continued CBK efforts to maintain monetary stability in the national economy, to help provide an environment conducive to balanced and sustainable real economic growth.

22.09.04

CBK Raises its Discount Rate to 4.25%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors decided today to raise the discount rate by a quarter percentage point to 4.25% from 4%. In his press statement, H.E. the Governor's explained that this decision was taken to increase the attractiveness of the national currency as a store for domestic savings, as well as to enhance its competitiveness in the view of the upward trend in interest rates on major currencies particularly the US dollar, to which the KD is pegged within fixed margins.

05.08.04

Kuwait's Automated Settlement System for Inter-Participant Payments (KASSIP) Goes Live

The new system for settling payments and transactions among banks and financial institutions in the State of Kuwait went live today, performing smoothly in its first day of operation. The new payment system, known as Kuwait's Automated Settlement System for Inter-Participant Payments (KASSIP) is an up-to-date Real-Time Gross Settlement (RTGS) payments' system. Its development in the State of Kuwait comes within the context of the Central Bank of Kuwait's efforts to keep abreast with international trends in this field, so as to ensure the alignment of the local banking and financial system with internationally accepted settlement practices.

04.08.04

CBK Raises its Discount Rate by 50 Basis Points to 4%

In a statement to the Kuwait News Agency (KUNA), H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that CBK's Board of Directors has decided to raise its discount rate by half a percentage point to 4% from 3.50%. H.E. the Governor explained that the decision came within the context of CBK's continual review of the domestic economic, monetary and banking developments on the one hand, and the trends in interest rates on major currencies on the other, and its efforts towards strengthening the foundations of monetary stability in the country and providing a climate conducive to a balanced and sustainable economic growth.

01.07.04

CBK Raises its Discount Rate to 3.5%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that CBK has decided to raise its discount rate by a quarter percentage point to 3.50% from 3.25%. H.E. the Governor explained that trends in the national economy and the developments in both liquidity levels and cost of funds in the domestic market necessitated the increase in the discount rate to place domestic economic activity on a sustainable track.

07.06.04

Last Reminder Concerning the Withdrawal and Exchange of the Fourth Issue of Currency Notes

Last Reminder Concerning the Withdrawal and Exchange of the Fourth Issue of Currency Notes

25.04.04

H.E. the Governor Announces the Removal of the Government Guarantee of Deposits at Local Banks

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of CBK has stated that the Council of Ministers on 11 April 2004 approved the CBK proposal to remove the Government guarantee from deposits at local banks and directed CBK to take the necessary appropriate measure in this regard. Accordingly, the Government guarantee of deposits shall be removed as from Monday 26th of April 2004.

29.03.04

CBK Board Approves the Rules and Regulation of Licensing Foreign Bank Branches in the State of Kuwait

The CBK Board of Directors, in its recent meeting, on 21 March 2004, has agreed to sanction the principles, rules and regulations for the licensing and operation of foreign banks' branches in the State of Kuwait.

23.02.04

H.E. the Governor's Statement on Amendments to Central Bank Law

In a statement to the press on 19 February 2004, H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of CBK, stated that the issuance of Law No. 28/2004 amending certain provisions of Law No. 32/1968 (concerning currency, the Central Bank of Kuwait and the banking business) on 27 January 2004 represents an important stride toward enhancement of banking regulation in the State of Kuwait to conform with the international developments in the field of banking supervision on the one hand, and the liberalization of financial services within the context of the General Agreement on Trade in Services (GATS) of the World Trade Organization (WTO) on the other hand.

07.01.04

The First Anti-Money Laundering & Combating the Financing of Terrorism Conference

Following the State of Kuwait's commitment to partnering with the international community, the Central Bank of Kuwait takes great pleasures in cordially inviting to participate in the First Anti-Money Laundering & Combating the Financing of Terrorism Conference taking place here in the State of Kuwait on January 18th &19th ,2004.

04.08.03

Preliminary Approval to Licensing BNP Paribas to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in its meeting on 3rd of August 2004, has decided to approve in principle the licensing of BNP Paribas bank to open a branch in the State of Kuwait.

24.06.03

A Press Statement on: Licensing Policy for New Islamic Banks in Kuwait

H.E. the Governor of CBK, Sheikh Salem Abdulaziz Al-Sabah, in a press release to KUNA (Kuwait News Agency) stated that the CBK Board of Directors decided to adopt a gradual approach in licensing new Islamic banks whereby two new banks besides the KFH (Kuwait Finance House) shall be licensed in the first stage. Then the policy on licensing new Islamic banks including Islamic banking subsidiaries of traditional Kuwaiti banks shall be closely reviewed in the light of a careful evaluation of the situation.

23.06.03

A Press Statement on: Establishing the New Kuwait Financial Intelligence Unit

H.E. the Governor of CBK, Sheikh Salem Abdulaziz Al-Sabah, in a press release to KUNA (Kuwait News Agency) stated that he has issued a decision to establish within CBK a special Kuwait Financial Intelligence Unit (KFIU). This unit shall be an independent unit headed by H.E. the Governor and shall assume the tasks of receiving money laundering reports from the Public Prosecution Office, study them and provide its technical advice in compliance with the provisions of Law No. 35/2002 (concerning combating money laundering operations) and the ensuing ministerial decisions issued in execution of the Law.

03.06.03

CBK Governor's Statement on the Issuance of Islamic Banking Law

The National Assembly has recently passed Law No. 30/2003 (concerning Islamic Banks) that modifies Law No. 32/1968 (concerning Currency, Central Bank of Kuwait, and Organization of the Banking Business) by inserting to the latter?s Third Chapter a special section on Islamic banks.

05.01.03

New Exchange Policy Launched: CBK Sets the KD/Dollar Parity Rate and Margins of Fluctuation

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor, has announced the parity rate of the Kuwaiti Dinar (KD) exchange rate against the US Dollar for the first day of business in January 2003 corresponding to Sunday 5 January 2003. This rate is set at 299.63 fils per dollar with a margin of ±3.5%. This announcement came in accordance with the Decree No. 266/2002 that stipulates pegging the KD exchange rate to the US Dollar within margins around a parity rate as of the beginning of the year 2003. H.E. the Governor explained that the KD exchange rate against the US Dollar after the 5th of January 2003 shall not exceed 310.11 fils / dollar and shall not fall below 289.14 fils / dollar. He said that this parity rate was determined by the same principles and considerations used historically by CBK to determine the KD exchange rate under the system of the currency basket to ensure a smooth change from the currency basket peg to the dollar peg within margins.

07.11.02

CBK cuts discount rate by ½ percentage points

The Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided to cut the CBK discount rate by a half percentage point to 3.25% from 3.75%. The Governor expounded that this decision was taken in view of the constant monitoring by CBK of the economic, monetary and banking developments in the domestic market, and its continuous review of interest rate levels of the Kuwaiti Dinar (KD) to ensure their conformity to those developments on the one hand, and consistency with interest rate trends on major currencies on the other hand. Sheikh Salem Abdulaziz Al-Sabah further explained that both the abundant liquidity in the local market and the recent cut in the interest rates on the US dollar have necessitated the cut in interest rates on the KD in the domestic market to prevent the widening of margins that exist in favor of the KD interest rates from reaching unwarranted levels in the current stage.

03.06.02

CBK Announces Further Cut In The Discount Rate

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced that the CBK Board of Directors decided to reduce the discount rate by half a percentage point to 3.75% from 4.25%. In a statement to the Kuwait News Agency, the CBK governor explained that this reduction comes within the context of CBK's continual review of economic and monetary developments, locally and abroad. Specifically, H.E. clarified that the factors linked to the widening of the margin existing in favour of the Kuwaiti dinar deposits, as compared with the interest rates on US dollar deposits, provided adequate leeway for reducing interest rates on the dinar, while maintaining its competitiveness in attracting national savings.

12.02.02

H.E. The Governor Speaks on Passage by National Assembly of Anti Money Laundering Law

In a press release to Kuwait News Agency (KUNA) the Governor of the Central Bank of Kuwait (CBK), H.E. Sheikh Salem Abdulaziz Al-Sabah, stated that the National Assembly's approval of the anti-money laundering bill stems from the keenness of both the legislative and executive branches of the government of the State of Kuwait to achieve the needed legislative structure for combating suspect operations. H.E. also pointed out that the approval of this bill coincided with the monitoring by the International Anti-Money Laundering Committee (FATF) of the issuing of the Anti-Money Laundering law in Kuwait, with a view to preventing the State's listing as non-cooperating in this regard. Furthermore, this approval was in tune with the assertion by the Kuwaiti delegation at FATF's last meeting in Hong Kong that the Anti-Money Laundering law will be issued in the State of Kuwait sometime during February this year. Also, the endorsement of this proposed law represents one further important step towards strengthening Kuwait's position among those countries striving to confront money-laundering operations.