Kuwait's Central Bank Follows Fed with Rate Cut

The Central Bank of Kuwait reduced its discount rate by 25 basis points to 3.50% in response to the U.S. Federal Reserve's similar rate cut. The Kuwaiti rate adjustment takes effect on Thursday.

In a move aligning with the U.S. Federal Reserve, the Central Bank of Kuwait announced a reduction in its discount rate by 25 basis points, adjusting it from 3.75% to 3.50%.

This decision, unveiled in a Wednesday statement, follows the Fed's decision to lower interest rates by the same margin.

The new rate will be effective starting Thursday, according to the bank's statement.