CBK Raises its Discount Rate to 5.25%

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 5.25% from 5%, effective from 23-3-2005. H.E. the Governor explained in a press statement to the Kuwait News Agency (KUNA) that the decision to raise the discount rate reflects CBK's efforts to maintain the stability of the monetary environment in the national economy, based on its continual follow-up of the economic, monetary and banking developments on both the domestic and international fronts. H.E. the Governor added that the sustained uptrend in interest rates on major international currencies, particularly the US dollar, necessitates the conformity of KD interest rates with these trends, taking into consideration the rate of activity in the various sectors of the national economy, its structure which is characterized by its openness to the outside world, and the fact that the KD is pegged within margins to the US dollar.

More

08.03.05

Registration of a Bank Branch (BNP Paribas) in the CBK Bank Register

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 7th of March 2005 the Minister of Finance issued Decision No. (2) concerning the registration of BNP Paribas branch in CBK Bank Register, based on that, the branch was registered on that date in the mentioned register.

More

14.02.05

Preliminary Approval to Licensing HSBC Bank Middle East to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in a meeting on 13th of February 2005, decided on the issuance of provisional approval to HSBC Bank Middle East to open a branch in the State of Kuwait.

More

03.02.05

CBK Raises its Discount Rate to 5%

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 a quarter percentage point to 5% from 4.75% effective from 3 February 2005. H.E. the Governor explained that the decision aimed at strengthening monetary stability in the national economy in response to domestic monetary, banking and economic developments on the one hand, and to developments in interest rate on major currencies particularly the US dollar on the other hand.

More

10.01.05

Preliminary Approval to Licensing National Bank of Abu Dhabi to Open a Branch in the State of Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in a meeting on 9th of January 2005, decided on the issuance of provisional approval to the National Bank of Abu Dhabi to open a branch in the State of Kuwait.

More