Central Bank of Kuwait's FY20/21 has undoubtedly been an exceptional year - Al Hashel

The central bank was able to provide financial services to the public, despite increasing pressure and unusual circumstances: Governor

  
The Kuwait Central Bank towers over the traditional Dhow harbor in Kuwait City, Kuwait March 18, 2020.

The Kuwait Central Bank towers over the traditional Dhow harbor in Kuwait City, Kuwait March 18, 2020.

REUTERS/Stephanie McGehee

Kuwait -  The fiscal year (FY) 2020/2021 has undoubtedly been an exceptional year for the Central Bank of Kuwait (CBK), as the COVID-19 pandemic was a true test to the robust monetary and regulatory policies the CBK worked to implement over the past decade, Governor, Mohammad Al Hashel, said in a statement.

The central bank was able to provide financial services to the public, despite increasing pressure and unusual circumstances, Al Hashel added, commenting on the CBK’s annual report for FY20/21, which included audited financial statements for the period until 31 March 2021.

On the local level for Kuwait, the impact of the pandemic was compounded by the drop in oil prices, which led to more spending to cover income loss.

The CBK also focused on employee development in a bid to boost infrastructure that pertains to IT and the digital economy to provide a strong base for fintech development.

As for the CBK’s corporate social responsibility and public outreach, there were awareness campaigns to alert the public to their rights while raising financial and banking knowledge, including Diraya (Be Aware) to address the practice of loan encashment and its risks.

Al Hashel noted that the central bank’s future outlook is to focus on strengthening the banking sector to face any challenges that may arise.

“The Central Bank seeks to continue to strengthen its regulatory efforts and develop its activities by making use of Regtech and Suptech,” according to the statement.

Source: Mubasher

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