BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of Kuwait Central Bank of Kuwait The Central Bank of Kuwait (Arabic: بنك الكويت المركزي, CBK) was established by virtue of the Law No. (32) of 1968 concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business. It replaced the Kuwaiti Currency Board. The role of the Kuwaiti Currency Board, unlike central banks, which carry out broad functions ranging from the drawing and implementation of monetary policies to supervision over banks, was confined to the issuance of bank notes and coins.   Therefore, the establishment of CBK was in response to the need for keeping abreast with both domestic and international economic developments, especially as the role of the monetary and financial policy gained further importance in the pursuit of social and economic development in the country. CBK started operating on the 1st of April 1969 as specified in Article 15 of Law No. 32 of 1968. Its objectives are:    ♦ to exercise the privilege of the issue of currency on behalf of the State;  ♦ to endeavor to secure the stability of the Kuwaiti currency and its free convertibility into foreign currencies;  ♦ to direct the credit policy to assist social and economic progress and increase national income;  ♦ to supervise the banking system in the State of Kuwait;  ♦ to serve as Banker to the Government;  ♦ to provide financial advice to the Government. The capital of the Central Bank of Kuwait is five million Kuwaiti Dinars, fully paid up by the Government. This capital may be increased by virtue of a decree and the increase drawn from the General Reserve of the Bank.   Central Bank of Kuwait HQ Address: Al Khaleej Al Arabi Street Sharq Area P.O. Box 526 Kuwait City Safat 13006 Kuwait Telephone: +965 2244 9200 Facsimile: +965 2244 0887 Website: www.cbk.gov.kw Swift Code: CBKUKWKW Currency: Kuwaiti dinar Banking Hours: Sunday - Thursday : 8.00am - 1.00pm   The Central Bank is entrusted with the task of organizing banks in upgrading their management and to ensure their financial soundness. Circulars and regulations are being issued from time to time by the Central Bank to achieve this objective. The Central Bank is also continuously studying various ways and means to make Kuwait a noted regional financial center.   DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved