Commercial Bank of Kuwait SAK

The Central Bank of Kuwait (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. CBK replaced the Kuwaiti Currency Board established by virtue of the Amiri Decree No. 41 of 1960. The role of the Kuwaiti Currency Board was limited to the issuance of banknotes and coins, unlike central banks' broad responsibilities ranging from setting and implementing monetary policies to the regulation and supervision of banking activities. CBK's establishment, hence, was in response of the need to keeping pace with domestic and international developments, particularly in view of the increasingly important role of the monetary and financial policy contributing to the advancement of social and economic development in the country.