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In its continued commitment to transparency and the provision of reliable data on the financial and banking sector, the Central Bank of Kuwait (CBK) has published its Financial Stability Report for the year 2023.
Basel Al-Haroon, Governor of the Central Bank of Kuwait, highlighted that the report—now in its twelfth year—provides a comprehensive analysis of key developments within Kuwait’s financial and banking systems throughout 2023. He noted that the year was marked by the global tightening of monetary policies, as central banks around the world worked to combat soaring inflation. These efforts coincided with significant challenges in the banking industry, including the collapse of several banks in the United States and Europe, amidst ongoing geopolitical tensions.
The report offers a detailed examination of both local and global economic trends, as well as an overview of Kuwait’s financial system. It covers key aspects of the Kuwaiti banking sector, such as market dynamics, credit, liquidity, and operational risks. Additionally, the report reviews the profitability and solvency of local banks and highlights advancements in payment and settlement system infrastructure.
Notably, the 2023 report includes dedicated sections on emerging issues, such as the Central Bank’s initiatives to mitigate liquidity risks in the banking sector and its efforts to combat digital financial fraud. The report also outlines CBK’s macroprudential framework and its use of tools designed to enhance both financial and monetary stability. Furthermore, it discusses the updated regulations for electronic payment systems, which were revised and released in May 2023.
Governor Al-Haroon concluded by encouraging interested parties to explore the full Financial Stability Report, which is available on the Central Bank of Kuwait’s official website.
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