Press Releases
CBK Raises the Discount Rate by 25 Basis Points
As part of its efforts to maintain monetary and financial stability, enhance the economic growth of the various economic sectors, particularly the non-oil sectors, contain local inflationary pressures and maintain the competitiveness and attractiveness of the national currency as a lucrative store of domestic savings, and based on its continuous monitoring of the economic, monetary and banking developments, the Central Bank of Kuwait (CBK) decided to raise the discount rate by 0.25% from 4.0% to 4.25% effective July 27, 2023.
This came in a press statement by the Governor and Chairman of the CBK Board of Directors, Basel A. Al-Haroon, pointing out that this decision is informed by a thorough analysis of the latest economic, monetary, and banking data and information, including growth and inflation levels that trended upwards in June after stabilizing in the previous period, indicators of local liquidity, developments in deposits and bank credit, interest rates on both the Kuwaiti Dinar and on main foreign currencies, thus supporting the attractiveness of the Kuwaiti Dinar (Press Statement by His Excellency the Governor of the Central Bank of Kuwait on the foremost local monetary and banking developments and the CBK’s general policies).
The Governor concluded that CBK shall continue its monitoring of the local and international economic, monetary, and banking developments, and direct the various monetary policy tools to provide an environment conducive to sustainable economic growth.
