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KUWAIT CITY, Oct 7: The Governor of the Central Bank of Kuwait Dr. Muhammad Al-Hashel has decided to leave his post at the end of his current tenure, after spending a total of 20 years in service, most of which were spent dealing with the repercussions of global and local crises with prudence that enabled him to increase the layers of protection for Kuwaiti banks, reports Al-Rai daily. In this regard, informed sources revealed that Al-Hashel turned down the offer for the renewal of his governorship of the Central Bank of Kuwait after his tenure, which expires in February 2022. They said the governor revealed his preference for fresh minds to be present in this vital facility.
The sources highlighted Al-Hashel’s appreciation for the support and understanding of the political leadership. They explained that he will leave his position at a time when international praises continue towards the Central Bank of Kuwait and its great efforts to ward off banking risks locally. He had won the praises of almost all international parties including the World Bank, the International Monetary Fund and international credit rating agencies. All of these institutions unanimously agreed on the distinguished and proactive efforts of the Central Bank of Kuwait, while others described the bank’s policies as “prudent”.
The sources went on to explain that Al-Hashel will leave his position after he and his team contributed to the development of a reputable monetary institution, not only locally, but also regionally and perhaps globally. In the past ten years, the Central Bank of Kuwait succeeded in enhancing the competence of the local banking sector. Kuwaiti banks have become part of the state system to provide solutions to exceptional crises, the latest of which is the COVID-19 crisis. Moreover, the Central Bank of Kuwait is credited with the broad improvement in banking risks in the past 10 years, which came as a result of imposing more prudent supervisory instructions that contributed to alleviating the economic challenges facing Kuwaiti banks, providing additional protection for banks and enhancing their abilities to withstand shocks in the event of any possible slowdown due to the decline in oil prices.