CBK Cuts Discount Rate By 25 Basis Points To 4.00%
Date
9/18/2024 3:06:14 PM
(MENAFN- Kuwait News Agency (KUNA))
KUWAIT, Sept 18 (KUNA) -- In light of its vigilant monitoring of the domestic and international economic developments and the end of the monetary tightening cycle initiated since March 2022 at most of global central banks, the Board of Directors of the Central bank of Kuwait (CBK) decided to cut the discount rate by 25 Basis Points from 4.25% to 4.00% effective 19/09/2024.
In a press statement released on Wednesday, the Governor and Chairman of the CBK's Board of Directors, Basel A. Al-Haroon, pointed out that the decision is informed by the latest developments in the local and global economic, monetary, and banking conditions including the domestic liquidity indicators, movements in deposits, banking credit, and interest rates on KWD and the major currencies.
The Governor further explained that this decision aims at fostering an environment conducive to sustainable growth in various economic sectors through stimulating aggregate demand. Given the declining inflationary pressures in the national economy, the annual inflation rate has slowed down from 4.71% recorded in April 2022 to 3.00% in July 2024.
The Governor concluded by stressing the CBK's unwavering policy of monitoring economic, monetary and banking developments, and readiness to act, whenever needed, to direct the various monetary policy tools that support the sustainable economic growth, maintain the competitiveness and attractiveness of KWD as a lucrative and reliable store of local savings, and bolster the monetary stability and financial stability. (end)
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