Basel Al-Haroun: Kuwait's strong center is supported by a solid monetary and banking framework and ample liquidity

The Central Bank of Kuwait, in collaboration with Global Finance magazine, hosted a closed-door banking panel discussion featuring a select group of Kuwaiti banks to discuss recent economic and financial developments at the global, regional, and local levels, and their implications for the Kuwaiti economy.

The bank stated that the session opened with an introductory address by Central Bank Governor Bassel Al-Haroun, who noted that Kuwait is navigating the current landscape from a position of strength, supported by a robust external position, a well-established monetary policy framework, and a banking sector with a strong capital base and ample liquidity. These fundamentals enable the economy to absorb shocks and respond effectively to changing conditions.

Following the opening remarks, the panel discussion addressed a range of issues related to local economic prospects amid rapid global and regional economic and geopolitical developments, as well as progress made in the path of economic diversification and the role of the banking sector in supporting the growth of the private sector and productive economic activities.

The discussions also covered several areas expected to shape the future landscape of the financial sector, including the development of capital markets and housing finance, rapid advancements in technology, artificial intelligence, and cybersecurity, as well as issues related to sustainability and sustainable finance.

The panel discussion is part of an ongoing dialogue regarding the opportunities and challenges facing Kuwait’s economy and financial sector, and the transformations that can contribute to strengthening the banking sector’s resilience and its role in supporting sustainable economic development.