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    Central Bank of Kuwait

    From Wikipedia - Reading time: 7 min
    Central Bank of Kuwait
    بنك الكويت المركزي
    HeadquartersKuwait City
    Coordinates29°22′39″N 47°58′17″E / 29.3774°N 47.9714°E / 29.3774; 47.9714
    Established30 June 1968; 57 years ago (1968-06-30)
    Ownership100% state ownership[1]
    GovernorBasel Ahmad Al-Haroon[2]
    Central bank ofState of Kuwait
    CurrencyKuwaiti dinar
    KWD (ISO 4217)
    Reserves25 660 million USD[1]
    Websitecbk.gov.kw

    The Central Bank of Kuwait (CBK; Arabic: بنك الكويت المركزي)[3] is the central bank of Kuwait. It offers a strict currency system on behalf of the state. The bank regulates Kuwaiti stock market along with the Kuwait Stock Exchange, the Ministry of Commerce and Industry and the Ministry of Finance.[4]

    Overview

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    It was established on 30 June 1968,[5] succeeding the Kuwait Currency Board that had been created in 1961. The bank launched Financial Intelligence Unit in 2003.[6]

    Salem Abdulaziz Al Sabah served as the governor of the bank for over a quarter of a century, until February 2012, when he resigned after criticising the state's spending policies.[7][8] Dr. Mohammad Al Hashel succeeded Sabah as governor in April 2012 and Yousef Al Obaid as deputy governor in May 2012.[9]

    Governors

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    Governors of the Central Bank of Kuwait.[10]

    • Hamza A. Hussein (12 September 1973 – 11 September 1983)
    • Abdulwahab Al-Tammar (1 November 1983 – 30 September 1986)
    • Salem Abdulaziz Al Sabah (1 October 1986 – 11 February 2012; resigned)
    • Mohammad Al-Hashel (1 April 2012 – 31 March 2022)
    • Basel Ahmad Al-Haroon (1 April 2022 - present)

    See also

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    • List of tallest buildings in Kuwait
    • List of central banks

    References

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    1. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
    2. ^ "Central Bank of Kuwait: Profile".
    3. ^ Karami, Fawaz (22 June 2020). "CBK: local banks offered USD 8.9bln-worth credit facilities to businesses in 100 days". Kuwait News Agency. Retrieved 19 September 2020.
    4. ^ Al Loughani, Nabeel; Chappell, David (2001). "Modelling the day-of-the-week effect in the Kuwait Stock Exchange: a nonlinear GARCH representation". Applied Financial Economics. 11 (4): 353. doi:10.1080/096031001300313910. S2CID 155028752.
    5. ^ "Index". Central Bank of Kuwait. Archived from the original on 31 October 2013. Retrieved 30 September 2014.
    6. ^ "06.10.21 | Press Statement | CBK & Kuwait Financial Intelligence Unit (KFIU) Sign Memorandum of Understanding". www.cbk.gov.kw. Retrieved 30 May 2024.
    7. ^ "About CBK: Organization". Central Bank of Kuwait. Archived from the original on 10 February 2011. Retrieved 8 February 2011.
    8. ^ Armitstead, Louise (13 February 2012). "Kuwait's central bank boss Sheikh Salem Abdulaziz Al Sabah quits after criticising state". The Telegraph. Retrieved 11 October 2013.
    9. ^ "Kuwait to take measures to cut spending - cenbank". Arabian Business. Reuters. 1 October 2012. Retrieved 11 October 2013.
    10. ^ "Former Governors". cbk.gov.kw.
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