February 18, 2021 banking

Kuwait’s Central Bank Is Said to Extend Virus Relief Until June


Kuwait’s central bank has extended until the end of June the support measures it introduced last year to help lenders cope with the coronavirus pandemic, according to people familiar with the decision.

The amendments will be reviewed by the central bank’s board of directors to decide if another extension is needed beyond June or whether the requirements should revert to their pre-crisis levels, the regulator told lenders in a circular seen by Bloomberg and confirmed by the people. They declined to be identified discussing confidential matters.

The program, which unlocks extra liquidity and allows for regulatory flexibility, was originally in effect until end-2020. The extension will help banks in “stimulating productive economic sectors by continuing to extend financing facilities and providing liquidity to them in these stressful circumstances,” Governor Mohammed Al-Hashel said in the circular.

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