Kuwait central bank cuts discount rate by 100 bps to 1.5%

Kuwait's central bank cut its discount rate by 100 basis points to 1.5% from 2.5%, setting the rate at its lowest level in history, it said in a statement on Monday.

The bank lowered the rate as part of a series of precautionary measures "for the consequences of the outbreak of the coronavirus and its implications for the national economy and the local market", it said on Twitter.