Press Releases
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.
More11.11.04
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.
More22.09.04
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.
More05.08.04
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.
More04.08.04
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.
More01.07.04
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.
More07.06.04
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
More25.04.04
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.
More29.03.04
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.
More23.02.04
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.
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