Press Release.

Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel announced a stimulus package in a bid to mitigate the fallout of the novel coronavirus (COVID-19). 

Al-Hashel, in a press statement, said that the fresh package aims at reducing liquidity and capital adequacy requirements for banks, and cutting risk weighting for small and medium enterprises (SMEs) from 75 percent to 25 percent, said Kuwait News Agency (KUNA)

He added that it is also intended to boost the maximum lending limit and increase the maximum financing for residential real estate developments to the value of the property or the cost of development. 

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The CBK governor said that the stimulus package would back vital sectors and SMEs in their efforts to overcome the current circumstances amid the coronavirus pandemic. 

He concluded by vowing that the CBK would closely monitor banks to ensure the latest package meets its intended purpose and would not hesitate to take further measures to meet the higher interest of the national economy.  

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