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Central Bank of Kuwait

 

Central Bank of Kuwait Logo

The Central Bank of Kuwait (Arabic: بنك الكويت المركزي, CBK) was established by virtue of the Law No. (32) of 1968 concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business. It replaced the Kuwaiti Currency Board. The role of the Kuwaiti Currency Board, unlike central banks, which carry out broad functions ranging from the drawing and implementation of monetary policies to supervision over banks, was confined to the issuance of bank notes and coins.

 
 

Therefore, the establishment of CBK was in response to the need for keeping abreast with both domestic and international economic developments, especially as the role of the monetary and financial policy gained further importance in the pursuit of social and economic development in the country.

CBK started operating on the 1st of April 1969 as specified in Article 15 of Law No. 32 of 1968. Its objectives are:

 
 ♦ to exercise the privilege of the issue of currency on behalf of the State;
 ♦ to endeavor to secure the stability of the Kuwaiti currency and its free convertibility into foreign currencies;
 ♦ to direct the credit policy to assist social and economic progress and increase national income;
 ♦ to supervise the banking system in the State of Kuwait;
 ♦ to serve as Banker to the Government;
 ♦ to provide financial advice to the Government.

The capital of the Central Bank of Kuwait is five million Kuwaiti Dinars, fully paid up by the Government. This capital may be increased by virtue of a decree and the increase drawn from the General Reserve of the Bank.
 

Central Bank of Kuwait HQ Location Map

Central Bank of Kuwait
HQ Address: Al Khaleej Al Arabi Street Sharq Area P.O. Box 526 Kuwait City Safat 13006
Kuwait
Telephone: +965 2244 9200
Facsimile: +965 2244 0887
Website: www.cbk.gov.kw
Swift Code: CBKUKWKW
Currency: Kuwaiti dinar
Banking Hours:
Sunday - Thursday : 8.00am - 1.00pm
 

 


The Central Bank is entrusted with the task of organizing banks in upgrading their management and to ensure their financial soundness. Circulars and regulations are being issued from time to time by the Central Bank to achieve this objective. The Central Bank is also continuously studying various ways and means to make Kuwait a noted regional financial center.
 
 

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