Central Bank of Kuwait takes action to support economy

Central Bank of Kuwait takes action to support economy
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Published October 4th, 2012 - 13:39 GMT via SyndiGate.info

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The Central Bank of Kuwait takes action to ease pressures on the economy
The Central Bank of Kuwait takes action to ease pressures on the economy
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Mohammad Y. Al-Hashel
,
Central Bank of Kuwait
,
CBK Board of Directors
,
Kuwait News Agency

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel said the CBK Board of Directors decided Wednesday to reduce the deduction rate (discount rate) by 50 basis points (bp) from 2.50 to 2.00 per cent with effect from 4 October 2012.

Kuwait News Agency (KUNA) reported that the decision was ‘made in the light of the continuous revision of the domestic and international monetary and banking situations’, according to Dr. Al-Hashel. 

The performance of the local economy showed that there is need to improve the ‘monetary and banking outlook and the performance of the non-oil economic sectors’, he told the agency, adding that the decision will reduce the cost of credit while maintaining the resilience of the country’s banks and enhancing the competitive edge of the KWD .

The Governor also noted that inflationary pressure in Kuwait is continuing to ease.

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