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Image used for illustrative purpose. An aerial view shows very little traffic on the roads of Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020.
CAIRO - The central bank of Kuwait raised its discount rate to 4% from 3.50% effective Jan. 26, it said in a statement on Wednesday.
The decision is in line with "recent developments in the local and international economic conditions, local monitory and banking indicators and movements on KWD interest rate in the local market considering changes to the interest rates on the other major currencies," Governor Basel Al-Haroon said in the statement.
(Reporting by Enas Alashray; editing by Jason Neely)