|30 October, 2019

Kuwait central bank cuts discount rate to 2.75% from 3%

U.S. Federal Reserve cut rates by a quarter of a percentage point

View of Kuwait Central Bank building from across the fish market marina where old fishing boats are standing, Kuwait City - June 17, 2016. Image used for illustrative purpose.

View of Kuwait Central Bank building from across the fish market marina where old fishing boats are standing, Kuwait City - June 17, 2016. Image used for illustrative purpose.

Gettyimages

DUBAI: Kuwait's central bank said on Wednesday it had decided to cut its discount rate to 2.75% from 3.0%.

The decision aims to "reduce the cost of borrowing in the Kuwaiti dinar, maintain a comfortable margin for the Kuwaiti dinar, and prove a supportive environment for investment," the central bank said in a tweet.

Earlier, the U.S. Federal Reserve cut rates by a quarter of a percentage point.

(Reporting by Aziz El Yaakoubi and Asma Alsharif, writing by Nafisa Eltahir Editing by Chizu Nomiyama) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 226 1754;))

More From GCC