Financial and Banking News
Central Bank Of Kuwait Withdraws Cheap Deposits From Local Banks
The Central Bank of Kuwait announced on 23 May that it is withdrawing KD590mn($1,959mn) in cheap deposits placed with local commercial banks. The banks areto fund the withdrawal by redeeming an equivalent amount of Government DebtBonds, the instruments issued by the government last year when it took over thebanks' difficult debt portfolio. The move will hit the...