(MENAFN) Kuwait's central bank decided to trim its discount rate by 50 basis points to 2 percent, as it seeks to spur the banking sector and support the economy, official news agency KUNA reported.
According to KUNA, the policy will be in vigour immediately. This is the first time the central bank makes such a move since February 2010, when it lowered the discount rate by 50 basis points to 2.5 percent, according to Reuters data.
KUNA cited Central Bank Governor Mohammad al-Hashel as saying that the bank seeks to improve the financial sector's conditions and support the non-oil sectors of the economy.
He added that the move will help ensure the competitiveness of the dinar currency. He also noted a decline in inflationary pressures.
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