CBK directs banks on new mechanism for pricing deposits in dinars

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KUWAIT CITY, July 2: The Central Bank of Kuwait has directed banks to implement a new mechanism in pricing deposits in dinars, especially those whose maturity date is approaching, and those whose deadlines are upcoming and the process is underway to renew them, reports Al-Rai daily.

According to informed sources, the Central Bank of Kuwait obligated the banks to disclose and advise clients, especially for applying the interest rate on clients’ deposits in dinars. The advice in this regard should enable the clients to be fully aware of the bank’s measures taken in this regard.

The sources said, “This procedure allows the customer to obtain the highest possible pricing for his deposits, compared to the highest levels traded in the market”.

They explained that the Central Bank of Kuwait’s move in this regard is within the framework of dedicating its supervisory role in the field of protecting customers’ rights, especially with regard to applying deposit rates to customers in dinars.

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