Kuwait urged to cut discount rate to 3.25% - paper

by Rania El Gamal Monday, 16 February 2009

Kuwait's central bank is under pressure from local banks to cut its benchmark discount rate by 50 basis points, a newspaper reported on Monday, citing unidentified banking sources.

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Kuwait, the only Gulf Arab oil producer that does not peg its currency to the US dollar, last reduced its discount rate by 50 basis points to 3.75 percent in December after the US Federal Reserve chopped interest rates to nearly zero.
Daily Al Seyassah said four local banks have demanded the rate be lowered to 3.25 percent to help shore up their businesses amid a global financial crisis.

The central bank could not immediately reached for comment. (Reuters)



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