CBK outlines trends of Kuwait economy
KUWAIT CITY, July 30, (KUNA): Governor of the Central Bank of Kuwait (CBK) Dr Mohammad Al- Hasheld announced on Tuesday that average rate of the US dollar against the Kuwaiti dinar in the fiscal year 2018-2019 stood at 302.743 fils, rising by 0.2 percent as compared to 2017.
In a press release, the governor said the gross domestic product (GDP), on basis of constant rates, rose 1.2 percent last year, against the decline estimated at 3.5 percent in 2017. Dr Al-Hashel was speaking on the occasion of the CBK issuance of the annual 47th report for the fiscal year 2018-2019 and the 47th economic report for 2018.
Continuous follow-up on local economic, monetary and banking developments as well as monitoring interest rate’s trends on major global currencies kept the discount rate for the fiscal year 2018-2019 at the same level, three percent since March 2018.
The close follow-up was in line with the CBK efforts to bolster foundations of the domestic economy, in tandem with preserving attractiveness and competitiveness of the national currency as an incubator for domestic savings, Dr Al-Hashel continued. Moreover, the central bank in the past year preserved relative stability of the Kuwaiti dinar, keeping it pegged to a balanced basket of currencies of States with substantial commercial bonds with Kuwait, he said.