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, Al-Rai learned that Al-Hashel has apologized for not renewing his contract as Governor of the Central Bank after his term expires next February, stressing that he prefers new blood to be injected into the system.
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.
All of these institutions unanimously agreed on the distinguished and proactive efforts of the Central Bank of Kuwait, while others described the bank’s policies as ‘prudent’.
The sources stated that Al-Hashel will leave his position after he and his team contributed to the industry of a reputable monetary institution, not only locally, but also at the level of the region and perhaps the world, noting that the Central Bank succeeded during the past ten years in enhancing the competence of the local banking sector.
Moreover, the Central Bank is credited with the broad 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 with supervisory measures, 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.
The sources expect Al-Hashel to assume an international or regional position of economic nature, to benefit from his expertise in managing regulatory, monetary and economic policies.