Starting today .. the Kuwaiti Central Bank raises the discount rate to 4%

Starting today .. the Kuwaiti Central Bank raises the discount rate to 4%
Starting today .. the Kuwaiti Central Bank raises the discount rate to 4%
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Central Bank of Kuwait Governor Basel Al-Haroun announced that the Board of Directors of the Central Bank of Kuwait decided to raise the discount rate by half a percentage point, to become 4 percent instead of 3.5 percent, starting today.
Al-Haroun said that this decision came in light of the continuous follow-up by the Central Bank of developments in global and local economic conditions, developments in local monetary and banking indicators, and the movement of interest rates on the dinar in the local market, taking into account the movement of changes in interest rates on major global currencies.
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 stability 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. for the various sectors of the national economy, in order to create a favorable atmosphere for the continuation of economic growth on a sustainable basis.
And he indicated that the central bank’s decisions in the field of monetary policy, including decisions and procedures related to local interest rates, are based primarily on studying and analyzing the latest available economic, monetary and banking data and information, including general economic performance rates, inflation levels, local liquidity indicators, and the movement of deposits and credit. Banking, and interest rates on the dinar and major currencies, as this data is one of the most important determinants of the need to move local interest rates, the directions of movement of these prices, their amount, and the appropriate tools to achieve them.
He pointed out that the various factors influencing the consumer price index were taken into account in taking the decision to identify and evaluate the factors that constitute aspects of pressure on these prices, taking into account the nature of the Kuwaiti economy, which is open to the outside world.
He stressed the continuation of the approach of closely following developments and developments in the economic, monetary and banking conditions, and the readiness to act when needed to direct various monetary policy tools in order to maintain monetary and financial stability.

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