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Saturday , October 24 2020

Banks advised “Pay higher interest for Kuwaiti dinar deposits than US dollars”

KUWAIT CITY, Sept 9: The Central Bank of Kuwait (CBK) has advised banks to pay higher interest for Kuwaiti dinar deposits than US dollar deposits, reports Al- Rai daily quoting sources.

Sources said CBK recently held a brainstorming session with treasury officials of Kuwaiti banks on issues related to management of cash at present and in the future.

They revealed that CBK is keen on providing vantage points for deposits in local currency compared to the US dollar; pointing out that information reached CBK recently, especially in March and April 2019, about banks offering equal interest rates for Kuwaiti dinar and US dollar deposits.

They added that some banks were instructed to increase interest rates for US dollar deposits in March and April due to temporary factors. Sources went on to say it appears that CBK monitored the return on dollar-denominated savings vessel as some banks were forced to raise the dollar margin for temporary reasons.

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