Mubasher: The Central Bank of Kuwait (CBK) has slashed its discount rate by 1% on Monday in an attempt to offset the economic impact of the coronavirus (COVID-19) on the local market and national economy.

The new rate currently stands at 1.5%, down from 2.5%, marking the lowest level in history, according to an official statement.

The Kuwaiti central bank’s move follows the US Federal Reserve’s decision to cut its benchmark interest rate by 1% to near zero, at a range of 0% to 0.25%.

Earlier on Monday, Kuwait reported that the total number of COVID-19 infections reached 123.