Mubasher: The Central Bank of Kuwait (CBK) issued bonds and related Tawarruq worth of KWD 200 million ($660.3 million) with a 3% rate of return.

The three-month bonds, which will be due on 24 December 2019, were oversubscribed by 12.9 times. The issue’s total purchase orders recorded KWD 2.58 billion, according to data released by the CBK on Tuesday.

On 16 September 2019, the CBK issued KWD 290 million worth of bonds and related Tawarruq with a three-month maturity period and a 3% rate of return.

Bonds and related Tawarruq are local bonds offered by the central bank to the banks working in the Kuwaiti financial sector to regulate the market’s liquidity.

Noteworthy to pinpoint, the CBK has maintained the discount rate at 3% unchanged last week, assenting the US Federal Reserve’s decision to cut interest rate by 25 basis points (BPS).