The central bank of Kuwait's governor says the bank has cut its benchmark interest rate by 1.25 percentage points to 4.5 per cent, according to media reports.
The bank also reportedly cut its repo rate by one percentage point to 2.5 per cent.
"We are part of the world economy, whose markets are increasingly merged, making precautionary measures more important," Sheikh Salem Abdul Aziz al Sabah was quoted saying by the state-owned Kuwait News Agency.
Lowering the key rate makes it cheaper for commercial banks to borrow from the central bank, which should loosen the liquidity squeeze gripping Kuwait's financial system.
Interbank lending rates have risen significantly in the region during the past six months. In the UAE, the three-month Emirates interbank offer rate (Eibor) rose to 4.70 per cent today, more than double where it stood in June. The Saudi three-month interbank rate climbed to 4.59 per cent according to Bloomberg news, twice its rate in May this year.
Kuwait is the only country in the GCC that does not peg its currency to the dollar, giving it the freedom to change monetary policy independent of the US government.
tpantin@thenational.ae
Business Insights
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COMPANY%20PROFILE
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
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Schedule
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Killing of Qassem Suleimani
Killing of Qassem Suleimani