BANKING SECTOR PASSES SUCCESSFULLY FIRST YEAR OF COVID 19 PANDEMIC

  • 24/02/2021

Kuwait City : The banking sector has managed to overcome successfully the first year of the novel coronavirus (COVID-19), Governor of Central Bank of Kuwait (CBK) Mohammad Al-Hashel said on Wednesday. In a press statement regarding the outcomes of studying financial statements of Kuwaiti banks in 2020, Al-Hashel said that the last year witnessed an unprecedented global crisis in terms of its depth, length and impact on the financial and economic aspects, in addition, that it is a health crisis.


He noted that the strict lockdown measures implemented by countries made an economic shock and led to a decline in economic growth .He pointed out that the CBK was the first to implement accommodative monetary policies supported by supervisory policies aiming to expand lending to banks and enhancing their financing capabilities.The Governor said that Kuwaiti banks maintained the strength of their financial soundness indicators in terms of capital adequacy and liquidity standards.

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