Financial and Banking News
Kuwait Raises Interest Rates
The Central Bank of Kuwait last week raised its discount rate from 5% to 7.5%and simultaneously restructured local interest rates to allow higher rates to bepaid on deposits as well as higher charges on loans. For loans of less than oneyear, the interest rate ceiling is set at 2% over the discount rate, equivalentto 9.5% at the present time. For loans of more than one year the maximum margin...