Press Releases

His Excellency the Governor of the Central Bank of Kuwait (CBK), Basel A. Al-Haroon, stated that the CBK decided to raise the discount rate by a quarter percentage point from 2.50% to 2.75% effective August 11, 2022, and change the rates of monetary policy instruments by varying percentages for the entire interest rate yield curve including repurchases (Repo), CBK bonds and Tawarruq, term deposits, direct intervention instruments, as well as public debt instruments.

The Governor pointed out that this decision came in light of recent developments in the local and international economic and geopolitical developments that affected the global inflation rates and, hence, the consumer price index in the State of Kuwait, and is informed by the most recent local banking and monetary data following the CBK’s decision dated July 28, 2022.

The Governor added that the decision considered the Kuwaiti economy’s openness to the rest of the world and the need for a thorough monitoring of the latest local and global economic and financial data, and keeping up with the major international interest rates in line with a progressive approach with the aim to reinforce an environment inducing to economic growth, particularly in the non-oil sectors, and maintain the financial and monetary stability and attractiveness of the national currency as a store of the local savings.

The Governor concluded that the CBK continues its monitoring of the local and international economic, monetary, and banking developments, and, whenever appropriate, shall take any additional measures to safeguard the financial and monetary stability in the country.