The Central Bank of Kuwait, CBK, was set up as per the Law No. (32) of 1968 concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business. It was a substitute for the Kuwaiti Currency Board, which was established according to the Amiri Decree No.41 of 1960.
As mentioned in the Article 15 of Law No.32 of 1968 the operations of the CBK started on 1st April 1969. At present the governor of this bank is HE Sheikh Salem Abdul Aziz Al-Sabah.
Central Bank of Kuwait – Objectives:
The objectives of Kuwait s reserve bank are as below:
To administer the banking system
Maintaining the consistency of the national currency and make sure it is freely convertible into international currencies
To operate as a banker to the national government
To formulate credit policies that help to increase Kuwait s income and help with its economic and social progress
To provide the government with advice in financial matters
Central Bank of Kuwait – IBAN:
One of the latest facilities of the Central Bank of Kuwait is IBAN or the International Bank Account Number. This is an ISO 13616 certified global standard for providing bank accounts with numbers. It helps with communication and international financial transactions.
Customers can also exchange their account identification particulars with this facility. The facility has been started from 1st January 2011 and it aims to foster reliable and quicker transfer of funds between the various banks in Kuwait.
Central Bank of Kuwait – Capital:
The CBK s capital reserves amount to KD 5 million and it is totally provided by the national government. The capital could be added to this amount at any time by a decree but the additional funds are extracted from the bank itself.
Central Bank of Kuwait – Financial Highlights:
As per the annual report for the fiscal year 2010-11:
Net Revenue = 69,081,639 Kuwaiti dinars
Profit = 10,967,536 Kuwaiti dinars
Total assets = 6,583,652,904 Kuwaiti dinars
Central Bank of Kuwait – Supervision:
The Supervision Sector of the CBK functions as per the Chapter Three of the Central Bank of Kuwait Law No. 32 of the year 1968 that has been amended by the Decree Law No. 130 of the year 1977. It also follows the instructions and regulations issued by the Central Bank of Kuwait.
Its objectives may be mentioned as below:
Making sure that the banking and financial systems are consistent and healthy.
Ensuring compliance of the financial and banking units with proper resolutions, laws and instructions from the CBK so that the monetary and credit policies can be applied properly.
The following financial organizations are administered by the reserve bank of Kuwait:
Central Bank of Kuwait – Contact Details:
The contact details of the apex banking institution of Kuwait are given below:
Phone: +(965) 1814444
Fax: +(965) 22443354
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Last Updated on : 30th July 2013