Kuwait central bank joining of BIS significant move: bankers

Move to attain global monetary stability

KUWAIT CITY, Jan 15, (KUNA): The Central Bank of Kuwait joining the Bank for International Settlements boosts the CBK role in drawing up international banking policies, according to Kuwaiti bankers.

With this move, the CBK has joined 63 central banks in in the task of shaping global policies in the sector, they said in interviews with Kuwait News Agency (KUNA).

President of the Union of Arab Banks and Kuwait International Bank Sheikh Mohammad Jarrah Al-Sabah affirmed that the move would boost the CBK efforts for attaining global monetary stability.

Adel Al-Majed, President of the Kuwaiti Banking Association, and Boubyan Bank Deputy Chairperson, affirmed the CBK global status.

Efforts

Al-Majed has added that the Kuwaiti Central Bank, by earning this renowned membership, will add to the BIS weight, considering its significant experience, noting that due to efforts by CBK Governor Mohammad Al-Hashel, the national banking sector has recently advanced significantly.

Meanwhile, Chief Executive Officer of the National Bank of Kuwait Issam Al-Sagr said Kuwait’s membership in the BIS constitutes a new international certificate for the CBK global stature.

Mazen Al-Nahed, the CEO at Kuwait Finance House, said the step bolsters Kuwait vision (New Kuwait 2035) and its steps on the path of transformation into a lucrative financial hub.

Masud Hayat, the deputy chairperson at Burgan Bank, said Kuwait’s joining of the BIS would bolster its status as regional-international economic center.

Antoine Daher, CEO of the Gulf Bank, said the CBK move reflected credibility of the Kuwaiti financial and monetary policies as well as soundness of the Kuwaiti economic environment.