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Sunday , September 26 2021

Central Bank of Kuwait attends BIS 91st AGM

KUWAIT CITY, June 30, (KUNA): The Central Bank of Kuwait (CBK) on Tuesday attended the Bank for International Settlements (BIS) 91st Annual General Meeting. It is the second consecutive year that CBK attends as a shareholding institution. The meeting agenda included approving the audited financial statements of the BIS and the proposed dividend and profit allocation for the financial year 2020/21. The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al- Hashel stated that “CBK’s membership comes in line with pursuing its goal to strengthen relationships with international financial institutions, and to fortify its role in developing monetary and prudential policies.”

In this file photo, Dr. Mohammad Al-Hashel, Governor of the Central Bank of Kuwait participates in a Global Finance Market Forum panel discussion

The BIS, owned by member central banks, provides central banks a forum for dialogue and broad international cooperation to pursue global monetary and financial stability. It also provides a platform for responsible innovation and knowledge sharing, and in-depth analysis and insights on core monetary and macro-prudential policy issues.” Al-Hashel clarified that the CBK engages with the BIS in a multitude of ways with varying levels of representation. The CBK has participated in various Governors’ meetings held to promote global cooperation and dialogue. Additionally, Kuwaiti employees partake in meetings and workgroups held by the BIS Innovation Network and Cyber Resilience Coordination Center to collaborate with their counterparts at international central banks on financial innovation while identifying and minimizing the associated risks.

On policy matters, the CBK is engaged with various BIS-hosted international groups and committees involved in standard setting and the pursuit of financial stability including The Basel Committee on Banking Supervision, and Financial Stability Board and the Financial Stability Institute. CBK also sits at both the Irving Fisher Committee on Central Bank Statistics and Central Bank Governance Network to tap into knowledge sharing on statistical topics and governance issues. The Governor elaborated that the BIS was established in 1930, and is the oldest international financial institution. The CBK joined the BIS in 2020 to be one of the 63 member central banks including those of both advanced and developed economies that together account to approximately 95% of the world’s GDP. Notably, members of the BIS have equal rights of voting and representation at General Meetings. Its head office is in Basel, Switzerland, with representative offices in both Hong Kong and Mexico City and five Innovation Hub centers. It offers banking services to members of the central bank community. The BIS Annual Report for the financial year 2020/21 is available on www. bis.org.

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