24.12.23 Press Statement

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

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

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24.12.23 Press Release

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

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

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16.12.23 Announcement

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

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

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12.12.23 Press Statement

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

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

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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.

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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.

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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).

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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).

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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.

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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.

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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.

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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.

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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.

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15.09.23 Press Statement

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

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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18.01.23 Press Statement

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

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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.

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