Central Bank of Kuwait (CBK) announced a 25 basis point reduction in the benchmark discount rate to four percent from 4.25 percent.The new discount rates will be effective tomorrow, Thursday.CBK Governor Basel Al Haroon told the Kuwait News Agency on Wednesday the move came following a vigilant monitoring of local and global economic developments to end a monetary tightening cycle that began in March 2022 in most global central banks.He added the decision is based on developments in local and global economic, monetary and banking conditions, including indicators of local liquidity, movement of deposits and bank credit, and interest rates on the Kuwaiti Dinar and major currencies.Source: Qatar News Agency