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Kuwait central bank announces stimulus to vital sectors

Other Kuwait City 06 Apr 20
Kuwait central bank announces stimulus to vital sectors
Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel on Thursday announced a stimulus package in a bid to mitigate the fallout due to the novel coronavirus.
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Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
06 April 2020, 12:00 AM
End Time
06 April 2020, 12:00 AM

Kuwait's central bank announced a stimulus package on Thursday to support vital sectors and SMEs amid the fallout from the coronavirus epidemic.

Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel on Thursday, in a press statement, carried by Kuwait news agency (KUNA), said that the fresh package aims at reducing liquidity and capital adequacy requirements for banks and cutting risk weighting for small and medium enterprises (SMEs) from 75 percent to 25 percent.

The bank cut capital adequacy requirements by 2.5% and eased the risk weighting for SMEs to 25% from 75%. It also raised the maximum lending limit to 100% from 90% and increased the maximum financing for residential real estate developments to the value of the property or the cost of development.

The CBK governor said that the stimulus package would back vital sectors and SMEs in their efforts to overcome the current circumstances amid the coronavirus pandemic.
On Wednesday, Kuwait announced measures to shore up its economy against the pandemic, including soft long-term loans from local banks, and the central bank asked banks to ease loan repayments for companies affected.

Kuwait coronavirus updates kuwait coronavirus news



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