The Central Bank of Kuwait (CBK) decided Thursday, January 4, to cut its discount rate by half a point to 6.75 percent, following the US example, the official news agency KUNA reported.
"This decision comes within CBK's ongoing follow-up of local and international economic and monetary developments," the bank's governor Sheikh Salem Abdul Aziz al-Sabah told KUNA.
He noted that the US Federal Reserve on Wednesday cut its benchmark interest rate by a half percentage point to avoid a recession.
The oil-rich Gulf state, whose currency is linked to the greenback at a fixed exchange rate of $3.3 to the dinar, raised its discount rate by half a point on May 18. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
