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FINANCIAL NEWS
Local interest rates stable: Kuwait CB
27 Jun 2011
(MENAFN) Kuwait’s Central Bank governor, Shaikh Salem Abdul Aziz Al Sabah, said that the country’s interest rates reached a stable level and its attachment to a group of global currencies aided Kuwait to restrain inflation that increased due to high import costs, reported Gulf Daily News.
Al Sabah added that in order to enhance economic growth following a 2009 recession, in February last year, Kuwait reduced key interest rates cutting main discount rate by 50 basis points to 2.5 percent.
He also said that there was no urging local demand to increase local interest rates at the time being since economic growth rates were improving within limited rates.
It is worth noting that the world’s number four oil exporter’s inflation rate reached 5.4 percent last month, recording one of the highest levels in the Middle East.
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