Press Releases
CBK Launches "Kuwait Overnight Interest Average" (KONIA)
Continuing its significant strides made to consolidate financial stability and introduce financial benchmarks for the local market seen as a reliable reference as per the best international standards, and contributes to enhancing transparency and efficiency of financial transactions in the State of Kuwait, the Central Bank of Kuwait (CBK) announced the launch of "Kuwait Overnight Interest Average" (KONIA).
In a press statement, the CBK mentioned that (KONIA) Index is based on the volume-weighted average of actual interest rates used by local banks in their KWD interbank overnight transactions, and is considered as an effective tool for assessing financing costs and liquidity positions in the local banking sector, thus fairly expressing the supply and demand position for inter-financial institutions funds.
The CBK shall launch (KONIA) Index on a daily basis starting September 01, 2024 on its official website, as well as on its pages on "Bloomberg" and "Refinitiv". In addition, data on KWD overnight interbank transactions will also be published, along with "Kuwait Interbank Offer Rate" (KIBOR).
The statement concluded by highlighting the CBK’s keenness to continue its approach for constant development, taking all necessary measures to enhance transparency and efficiency of the financial transactions, and reinforce the financial and monetary stability in the State of Kuwait.
