Cbk To Keep Discount Rate At 2.75 Percent

The Central Bank of Kuwait (CBK) decided to keep the discount rate at its current value 2.75 percent, a fixed rate since March 16.

CBK's board of directors decided to continue employing the available measures and materials that aim at ensuring the competitiveness and attractiveness of the Kuwaiti Dinar as a store of domestic savings, CBK Governor and Board Chairman Dr. Mohammad Al-Hashel told KUNA Wednesday.

These savings constitute a major source of funding provided by the local banking and financial units to the various sectors of the national economy and thus maintain a supporting environment for sustainable economic growth and development, Al-Hashel pointed out.

The decision is also based on continuous monitoring by CBK of the domestic market, taking into consideration movements in interest rates on major international currencies, he added.

He also said that CBK is keen on monitoring latest developments in domestic economic, monetary, and banking fields, in addition to latest updates regarding US Dollar's interest rate directions.

SOURCE : KUNA

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