Kuwait central bank cuts discount rate by 100 bps to 1.5%

Kuwait’s central bank said the rate cut was part of a series of precautionary measures “for the consequences of the outbreak of the coronavirus. (AFP)
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Updated 16 March 2020

Kuwait central bank cuts discount rate by 100 bps to 1.5%

  • Bank lowered the rate as part of a series of precautionary measure against coronavirus outbreak consequences

DUBAI: Kuwait’s central bank cut its discount rate by 100 basis points to 1.5 percent from 2.5 percent, setting the rate at its lowest level in history, it said in a statement on Monday.


The bank lowered the rate as part of a series of precautionary measures “for the consequences of the outbreak of the coronavirus and its implications for the national economy and the local market,” it said on Twitter.

 


Iran: Oil product exports hit record high despite US sanctions

Updated 22 January 2021

Iran: Oil product exports hit record high despite US sanctions

  • ‘The enemy and Trump wanted us to perish and die, our exports to reach zero’
  • ‘We set the highest record of exports in the history of the oil industry during the embargo period’

DUBAI: Iran has achieved record high exports of petroleum products despite US sanctions, Oil Minister Bijan Zanganeh said in televised remarks on Friday.
Zanganeh said former US President Donald Trump and his secretary of state, Mike Pompeo, had “joined the dustbin of history, but we are alive and working with more hope to build the country.”
“The enemy and Trump wanted us to perish and die, our exports to reach zero,” he said.
“We set the highest record of exports in the history of the oil industry during the embargo period.”
Trump abandoned the Iran nuclear deal in 2018 and imposed sanctions on the Iranian energy and banking sector.
It is estimated that Iran exports less than 300,000 barrels of oil per day (bpd), compared with a peak of 2.8 million bpd in 2018.
US President Joe Biden has said that if Iran resumed strict compliance with the nuclear agreement — under which it restrained its nuclear program in return for relief from economic sanctions — the United States would too.
However, two of Biden’s top national security nominees said on Tuesday that the United States was a long way from making a decision to rejoin the deal.
Iran has significantly increased exports of petroleum products in recent years although oil products, like crude, fall under US sanctions.
Unlike crude oil, where the ultimate buyer is a refinery, other products can find their way to potentially thousands of small-scale industrial or residential buyers, making them difficult to trace.