Central Bank of Kuwait governor to quit

After 20 years, most of which were spent facing the repercussions of global and local financial crises with prudence that enabled him to protect the Kuwaiti banks, the Governor of the Central Bank of Kuwait, Dr. Muhammad Al-Hashel, has decided to leave his post, at the end of his current term.

In this regard, informed sources revealed that Al-Hashel turned down the offer for the renewal of his governorship of the Central Bank of Kuwait after his tenure, which expires in February 2022. They said the governor revealed his preference for fresh minds to be present in this vital facility.

While the sources pointed to Al-Hashel’s appreciation for the support and understanding of the political leadership, they noted that he will leave his position while the international banking community is heaping praises on the Central Bank and its great efforts to ward off banking risks locally, after Al-Hashel has won the praises from almost all international monetary systems, whether the World Bank, the International Monetary Fund or international credit rating agencies.

The sources went on to explain that Al-Hashel will leave his position after he and his team contributed to the development of a reputable monetary institution, not only locally, but also regionally and perhaps globally. In the past ten years, the Central Bank of Kuwait succeeded in enhancing the competence of the local banking sector.

Moreover, the CBK is credited with the vast improvement in banking risks in the past 10 years, which came as a result of imposing more prudent supervisory instructions that contributed to alleviating the economic challenges facing Kuwaiti banks, providing additional protection for banks and enhancing their abilities to withstand shocks in the event of any possible slowdown due to the decline in oil prices.