CBK raises discount rate

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KUWAIT CITY, July 27: The CentralBank of Kuwait (CBK) on Wednesday decided to raise the discount rate by 0.25 percent from 4.0 percent to 4.25 percent effective July 27, 2023.The decision is part of the CBK’s efforts to maintain monetary and financial stability, enhance the economic growth of the various economic sectors, particularly the non-oil sectors, contain local inflationary pressures and maintain the competitiveness and attractiveness of the national currency as a lucrative store of domestic savings, Governor and Chairman of the CBK Board of Directors Basel Al-Haroon, said in a press statement. It is also based on the bank’s continuous monitoring of the economic, monetary and banking developments, he added.

This decision is informed by a thorough analysis of the latest economic, monetary, and banking data and information, including growth and inflation levels that trended upwards in June after stabilizing in the previous period, indicators of local liquidity, developments in deposits and bank credit, interest rates on both the Kuwaiti Dinar and on main foreign currencies, thus supporting the attractiveness of the Kuwaiti Dinar, he noted. The Governor concluded that CBK shall continue its monitoring of the local and international economic, monetary, and banking developments, and direct the various monetary policy tools to provide an environment conducive to sustainable economic growth

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