Press Releases
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.
More03.06.02
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.
More12.02.02
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.
More