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FinancialNews


  • 15-08-22

    Central Bank of Kuwait raise discount rate for 5th time in 2022

    (MENAFN) As shown by the most recent banking figures the Central Bank of Kuwait (CBK) increased the discount amount for the fifth time in 2022 by nearly a .25 percent, going from 2.5 to 2.75 percent, with the goal of sustaining the power of the dinar, growing the deference among the local discount amount and the US interest from its lowest rate in a century.

    The Central Bank also explained that the highest limits for interest rates on lending transactions in dinar, putting the additional interest for commercial lending dealings and additional methods of lending with a period of no further than a year at 5.25 percent, and a period of over one year at 6.75 percent, whereas setting the interest on consumer loans and housing at 5.57 percent.

    Bouresli stated that since the Kuwaiti dinar is incompletely pegged to the US dollar, there is going to surely be a domestic consensus to increase the interest rate in tandem with the raise in the US interest rate by the Federal Reserve.

    She also noted that “The CBK has increased the rate at the right time as the world is experiencing unprecedented wave of inflationary pressures. In order to tame spiraling inflation, it is imperative to activate monetary policies, and raising the interest rate is one of the main tools to check prices.”

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