CBK issues 3-mth bonds & Tawarruq

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Worth KD 160m

KUWAIT, Aug 14, (KUNA): The Central Bank of Kuwait (CBK) said on Tuesday it issued KD 160 million (USD 528 million) worth of bonds and Tawarruq, an Islamic financial product which allows clients to raise money without breaking Muslim bans on interest.

The issue is valid for three months with a return rate of 2.5 percent, CBK said in a statement.

The CBK’s last issue of bonds and Tawarruq was on Aug 6 with a value of KD 240 million (USD 792 million) and a return rate of 2.5 percent valid for three months.

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