Mubasher: The governor of the Central Bank of Kuwait (CBK) said on Tuesday that the stability of the local currency market is not adequate nor is it a replacement for much needed structural and economic reforms.

Mohammad Al-Hashel said during his speech to the "Euromoney Kuwait Conference 2017"that CBK has spared no effort to ensure financial stability and a robust currency market, which he described as among the pillars of the national economy.

As reported by the Kuwait News Agency (KUNA), the governor added that preserving monetary stability is not the final objective but a mean towards an end, where the financial sector plays its due role

Al-Hashel also pointed out that the subsequent financial meltdown had serious economic consequences, where global output sharply declined, growth significantly slowed down and unemployment soared across the world.