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Wednesday , July 17 2019

Central Bank asks local banks to increase number of Kuwaitis in top positions

‘To reach at least 70 pc at all levels’

Central Bank of Kuwait decorated with the colors of Kuwait’s flag during the National Days. (Abdullah Jadaan – KUNA)

KUWAIT CITY, March 3: The Central Bank of Kuwait recently asked banks to intensify efforts to increase the number of Kuwaitis in executive positions, to reach at least 70 percent at all levels, reports Al-Rai daily quoting informed sources.

In a circular to the banks, the Central Bank said that “this trend is carried out within the framework of professional procedures that clearly show a significant development of the target ratio, based on a timetable, showing the current employment ratios of each bank and how they reach this goal in executive positions.” This should be done by the end of March.

The sources pointed out that the Central Bank will review the procedures and the time frame to achieve the target and raise the percentage of national manpower in executive positions to at least 70 percent.

In practice, this circular is not the first in which the Central Bank talks about the development of a time table to employ national workforce to meet the target. The sources revealed that the Central Bank had verbally discussed this issue during the last quarter financial statements of 2018, and now it has been fl oated again in a written circular.

The sources pointed out that the Central Bank had stressed during these discussions the importance of raising the proportion of national employment in local banks to meet the target, especially in executive positions. This directive is supported by the recent Cabinet decision, which raised the national employment ratio of non-governmental organizations (the private sector) in a new update in accordance with the decision No. 1868 of 2018 to amend Resolution 1104 of 2008 regarding the determination of national employment rates, most notably banks that raised the proportion of national labor from 64 to 70 percent. Banks, for their part, have a wide range of challenges especially since they need more time to prepare their candidates through the correct replacement and succession plan.

The sources pointed out that many local banks have succeeded in the recent period to put the executive management in the hands of Kuwaitis, and that it has worked and is still working on replacement plans and succession

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