Minimal link to Kuwaiti banks meltdown – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 13-Mar-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
Minimal link to Kuwaiti banks meltdown – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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KUWAIT CITY, March 12, : There has been very little exposure of the Kuwaiti banks vis a vis Silicon Valley Bank’s collapse, the Central Bank of Kuwait (CBK) announced on Sunday. The CBK Governor Bassel Al-Haroun affirmed in a statement to KUNA stability of the banking sector with the banks’ possession of hefty “financial barriers.”
In light of the news about the US regulatory authorities’ decision to shut down Silicon Valley Bank, the “CBK affirms as a result of its contacts with the Kuwaiti banks that their exposure will be quite marginal.” The CBK possesses a fullscale supervisory system for immunizing the banking sector and preserving the financial stability, it said, indicating that there have instructions to the banks to bolster all financial safety indices.(KUNA)
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