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Kuwait’s central bank issues US$1.05bn worth of bonds and tawarruq

In May last year, the CBK issued bonds and tawarruq with an accumulated value of $1.2 billion). (QNA)
  • Early this month, the bank issued bonds and tawarrruq worth US$ 660 million for three-months term
  • It said the value of the first issuance amounted to $528 million for three months with a return rate of 4.250 percent

Kuwait City, Kuwait–The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued at $1.05 billion.

In a statement, the CBK said that the value of the first issuance amounted to KD 160 million (about USD 528 million) for three months with a return rate of 4.250 percent.

The value of the second issuance amounted to KD 160 million for six months with a return rate of 4.375 percent.

CBK had announced early this month the allocation of issuing bonds and tawarrruq of KD 200 million (about USD 660 million) for three months term.

In May last year, the CBK issued bonds and tawarruq with an accumulated value of 360 million Kuwaiti dinars ($1.2 billion).

Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions.

The bank then said the maturity period will be six months, with a rate of return standing at 2 percent.

In the same month, the bank allocated bonds and tawarruq valued at 240 million Kuwaiti dinars on May 23 with three-month maturity and a yield rate of 1.625 percent.