Mubasher: The Central Bank of Kuwait (CBK) on Tuesday has sold bonds and related tawarruq worth KWD 290 million ($958.14 million), cutting the rate of return to 2.75%.
The three-month issue was oversubscribed 10.14 times, while the overall subscription demand hitting KWD 2.94 billion, the CBK said in a statement.
The bond issue is due to mature on 17 March 2020.
The Kuwaiti central bank last week issued KWD 280 million bonds which carried a maturity period of six months, with a return of 2.875%.
It is worth pointing out that bonds and related Tawarruq are issued by the CBK to operating banks in Kuwait in an attempt to regulate liquidity in domestic market.
They are also issued to pump additional cash, by redeeming from banks, while they also act as a tool to execute the central bank’s monetary policy.
