Kuwait Central Bank Issues Bonds, Tawarruq worth $792 million

Kuwait – The Central Bank of Kuwait on Monday issued new bonds and related tawarruq valued at KD 240 million (about $792 million).

The new securities bear a maturity term of six months and a return rate of 4.25 percent, the Central Bank of Kuwait said in a statement.

Earlier on November 2, the Central Bank of Kuwait held its policy rate at 3 percent, breaking its pattern of hiking in lockstep with the Federal Reserve. 

The bank had raised rates by 25 basis points after each of the last six Federal Open Market Committee meetings. 

Five central banks in the Arabian Peninsula raised their policy rates by 75bp in line with the Federal Reserve on November 2. 

Saudi Arabia, Bahrain, Oman and Qatar now have policy rates at 4.5%, while that of the United Arab Emirates