Kuwaiti banks told to engage locals

The Central Bank of Kuwait has instructed local banks to appoint Kuwaitis in ‘leadership positions’, as part of a drive to create more job opportunities for the country’s nationals. A recent report by the Bank had said the number of jobs in the country decreased by 4.2% during 2020, recording the highest annual employment losses in nearly 30 years, due to the repercussions of the corona virus crisis. The pace of foreign workers’ departure to be maintained during the coming period in the light of the proposed changes to the residency law, the continued implementation of policies which encourage companies to hire Kuwaiti workers in lieu of foreign staff and the layoffs as companies continue to tackle the effects of the economic crisis.