March 16, 2020 / 10:16 AM / 24 days ago

Kuwait central bank cuts discount rate by 100 bps to 1.5%

DUBAI, March 16 (Reuters) - Kuwait’s central bank cut its discount rate by 100 basis points to 1.5% from 2.5%, setting the rate at its lowest level in history, it said in a statement on Monday.

The bank lowered the rate as part of a series of precautionary measures “for the consequences of the outbreak of the coronavirus and its implications for the national economy and the local market”, it said on Twitter. (Reporting by Maher Chmaytelli; Writing by Yousef Saba; Editing by Alex Richardson)

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