Kuwait central bank cuts discount rate by 100 bps to 1.5%

Kuwait’s central bank said the rate cut was part of a series of precautionary measures “for the consequences of the outbreak of the coronavirus. (AFP)

• Bank lowered the rate as part of a series of precautionary measure against coronavirus outbreak consequences

DUBAI: Kuwait’s central bank cut its discount rate by 100 basis points to 1.5 percent from 2.5 percent, setting the rate at its lowest level in history, it said in a statement on Monday.

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— بنك الكويت المركزي | CBK (@CentralBank_KW) March 16, 2020

The bank lowered the rate as part of a series of precautionary measures “for the consequences of the outbreak of the coronavirus and its implications for the national economy and the local market,” it said on Twitter.