Kuwait's central bank raised its benchmark discount rate by 25 basis points to 3.0 percent, its first rate hike since March 2017, following the U.S. Federal Reserve's rate hike earlier in the day.
The Central Bank of Kuwait (CBK), whose currency is pegged to the U.S. dollar, said the rate increase was part of the long-established fundamentals of its monetary policy to maintain the competitiveness and attractiveness of the national currency as a profitable and reliable source of domestic savings, which in turn helps banks finance the national economy.
While the CBK raised its rate in synch with the Fed's rate hike in March 2017, it left the discount rate steady after the two Fed hikes in June and December 2017.
www.CentralBankNews.info
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