Press Releases
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.
MoreKey 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.
MoreCBK 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).
MoreCBK 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.
MoreCBK 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.
MoreCBK 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.
MoreCBK 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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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.
MoreCBK 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.
MoreCBK 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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