KUWAIT-- The Central Bank of Kuwait (CBK) Thursday announced the launch of Kuwait Overnight Interest Average (KONIA) as of next Sunday as part of its efforts to consolidate financial stability.
The move is meant to introduce financial benchmarks for the local market seen as a reliable reference as per the best international standards, and to contribute to enhancing transparency and efficiency of financial transactions in Kuwait, it said in a press statement.


The (KONIA) Index is based on the volume-weighted average of actual interest rates used by local banks in their KWD interbank overnight transactions, and is considered as an effective tool for assessing financing costs and liquidity positions in the local banking sector, thus fairly expressing the supply and demand position for inter-financial institutions funds, it added.


The CBK underlined that it would launch (KONIA) Index on a daily basis starting September 01, 2024 on its official website, as well as on its pages on "Bloomberg" and "Refinitiv". In addition, data on KWD overnight interbank transactions will also be published, along with "Kuwait Interbank Offer Rate" (KIBOR).
It highlighted its keenness to continue its approach for constant development, taking all necessary measures to enhance transparency and efficiency of the financial transactions, and reinforce the financial and monetary stability in the country. (end) fnk.mt

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