Kuwait: Financial Stability Cannot Be in Place of Reforms - CBK ChiefSource: www.export-egypt.com 9/26/2017, Location: Middle East |
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The stability of the local currency market is not adequate nor is it a replacement for much needed structural and economic reforms, the governor of the Central Bank of Kuwait (CBK) said.
In a speech to open the ninth session of the "Euromoney Kuwait Conference 2017", Dr. Mohammad Al-Hashel underlined "CBK's core mandate as a monetary and regulatory authority and its contributions to productive investments. " In times of turmoil, Al-Hashel said, 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. He added that preserving monetary stability "is not the final objective but a mean towards an end, where the financial sector plays its due role. " The Kuwaiti official's remarks come against the backdrop of the 10th anniversary of the global financial crisis, which had ripple effects across the global financial system. Al-Hashel 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. " He revealed that by some estimates, "cumulative output loss since the crisis has been a hefty 25 percent of the world's Gross Domestic Product (GDP) Meanwhile, on how to avert similar future crises, Al-Hashel quoted a Danish philosopher named Soren Kierkegaard, saying that "life must be understood backwards, but it must be lived forward. " He also cited several concrete steps CBK has taken to ensure a developed regulatory regime and a stable financial market. |
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