Press Releases
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.
More24.06.03
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.
More23.06.03
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.
More03.06.03
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.
More05.01.03
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.
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