Moody's credit rating agency commended the Kuwaiti banking sector's motion, indicating that it is "strong thanks to the adopted management monetary policy."
In a report on the conditions of the Kuwaiti banking sector, a report by the agency showed that the Kuwaiti banking sector is supported by a sovereign credit rating of A1 with a stable outlook thanks to the high levels of financial wealth and assets and its huge oil reserves.
According to the agency, among the indications of the strength of the monetary policy that Kuwait enjoys is the low inflation rate, and the strong and prudent regulation of the banking sector by the Central Bank of Kuwait, which made the sector stable during the fluctuations faced by the country's macro economy.
The number of financial institutions operating in the Kuwaiti banking sector is 23, consisting of 16 conventional commercial banks, including 11 foreign banks, and six Islamic banks, including one foreign Islamic bank. According to Central Bank of Kuwait data, the total assets of Kuwaiti banks amounted to about 71 billion dinars (232.5 billion dollars) at the end of last year.
Source (London-based Al-Arab Newspaper, Edited)
