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.

(With inputs from agencies.)