CBK Decides to Make Fundamental Changes to its Consumer and Installment Loans Instructions. New Instructions would Curb Growth of these Loans to the Benefit of Citizens, and will Apply Only to New Loans

Main Changes: Cutting Profit Margin Above the Discount Rate + Monthly Installment Not to Exceed 40% of Net Salary of the Employed and 30% of the Pensioners + Fixed Interest to be Reviewed Every Five Years for Installment Loans

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24.03.08

H.E. the Governor Announces CBK's Preliminary Approval to Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) of Saudi Arabia to Open a Branch in Kuwait

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of Central Bank of Kuwait (CBK) has stated that the CBK Board of Directors, in its meeting on 23rd of March 2008, has decided to approve in principle the licensing of Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) of the Kingdom of Saudi Arabia to open a branch in the State of Kuwait.

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23.01.08

CBK Cuts its Discount Rate to 5.75%

H.E. the Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdulaziz Al-Sabah, announced in a press statement to the Kuwait News Agency (KUNA) that the CBK Board of Directors has decided to cut the CBK discount rate by 50 basis points to 5.75% from 6.25% effective from Wednesday, 23rd of January 2008. H.E. the Governor explained that the decision resulted from the continued surveillance by CBK of the developments in interest rates on major international currencies, particularly the US dollar, to ensure having consistent local interest rates on the Kuwaiti dinar (KD), taking into account the current domestic economic conditions.

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