Emirates News Agency – The Central Bank of Kuwait raises the discount rate by half a percentage point

KUWAIT, 25th January, 2020 (WAM) — Governor of the Central Bank of Kuwait and Chairman of its Board of Directors, Basil Ahmad Al-Haroun, said that the Board of Directors of the Central Bank decided to raise the discount rate by half a percentage point, to become 4.0 percent instead of 3.5 percent, as of tomorrow, January 26. .
The governor added, in today’s statement, that this decision came in light of the Central Bank’s continuous follow-up of developments in global and local economic conditions, developments in local monetary and banking indicators, and the movement of interest rates on the Kuwaiti dinar in the local market, taking into account the movement of changes in interest rates on global currencies. Main.

He explained that this decision came within the framework of the balanced and gradual approach followed by the Central Bank of its monetary policy aimed at consolidating monetary and financial stability for banking and financial sector units, and maintaining the competitiveness and attractiveness of the national currency as a container for local savings, which constitutes one of the main sources of financing provided by units of the local banking and financial sector. different sectors of the national economy.