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Kuwait cbank cuts repo rates

Kuwait City, July 21, 2009

Kuwait's central bank reduced its three repurchase rates by 25 basis points each on Tuesday but left its benchmark discount rate unchanged, official data showed.

The central bank cut its overnight repo rate to 0.75 percent from 1 percent, and reduced its one-week repo rate to 1.75 percent from 2 percent, while its one-month rate is now at 2.25 percent down from 2.5 percent, the data showed.          

Kuwait, the only Gulf state that does not peg its currency to the US dollar, revamped monetary policy tools last year by introducing new repurchase agreements to give banks more access to short-term funding. -Reuters




Tags: Kuwait | repo rate |

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