The Central Bank of Kuwait (CBK) announced that Kuwait Clearing Company (KCC) has now joined the Real Time Gross Settlement System (KASSIP), “effective Sunday 24/12/2023 upon completion of automated linking and passing the technical tests.”
The system would thereby “execute final settlements for financial transactions conducted through Maqasa company.”
This step was made possible “through cooperation on the part of the CBK, Capital Markets Authority, and KCC.”
Kuwait Clearing Company is reportedly “the first financial institution to board the system, which had since its launch in 2004 been limited to gross settlement of financial transactions among local member banks. KCC’s boarding KASSIP would support financial transactions and enhance security and safety of final financial settlement transactions.”
As part of its efforts to develop the banking sector and improve its banking services to raise the efficiency of payment systems “as being a main anchor in maintaining monetary and financial stability in the State of Kuwait, and in light of the roles and responsibilities entrusted to CBK to develop payment systems and ensure the soundness and security of financial transactions.”
The Central Bank of Kuwait (CBK), “the operator and regulator of the national payment systems’ infrastructure, issued a circular to all local banks on 06/12/2023 extending the working hours for the Real Time Gross Settlement System (KASSIP).”
This decision is made with the aim of “enhancing the quality of financial services provided to the public in a manner that meets the needs of several segments of the society, as well as to serve all sectors of the national economy.”
This decision to extend the working hours is “based on a thorough analysis of the market’s needs and an examination of the number of financial transactions carried out during the previous extended periods.”
The Central Bank of Kuwait (CBK) released its 51st edition of the Annual Report for the Fiscal Year 2022/23 including “the foremost monetary and banking developments, as well as the CBK’s efforts to maintain the monetary and financial stability.”
The report contains the auditors’ report “on the Bank’s financial statements as of 31 March 2023.”
The Governor, Basel A. Al-Haroon, stated that the first part of the Annual Report highlights the monetary, banking, and economic developments during the reporting year. The Governor explained that CBK “spared no effort to boost the monetary and financial stability in Kuwait by adopting through its proactive approach, early intervention, and the effective use of monetary policy instruments, regulatory policy, and macroprudential tools, all of which are adopted in a highly professional manner to support the sustainable economic growth, maintain the attractiveness of the national currency as a lucrative and reliable store for local savings, and ensure that the banking and finance sector units continue providing their services in a smooth, swift and secured manner.”
For more details, check here.