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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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%.

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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.

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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.

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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%).

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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.

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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.

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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.

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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.”

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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.

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