Latest figures from the Central Bank of Kuwait (CBK) reveal that the percentage of national workers in local Kuwaiti banks recorded a remarkable increase over the past five years, going from 69 percent at the end of 2019 to over 78 percent of workers on 31 March 2023.
Explaining that the percentage of national workers in banks at the end of the last fiscal year was 8 percent higher than the rate stipulated by the Cabinet Resolution No.1868 of 2018, which was 70 percent, the Central Bank said this reflected the keenness of the banking sector, led by the Central Bank, to keep pace with the state’s plans regarding Kuwaitization through calibrated steps and procedures.
As for the Kuwaitization percentage at the senior management level in banks, CBK said this reached 73 percent as on March 31, an increase of 3 percent against the prescribed rate and 2 percent at the end of March 2022, while it increased by 28 percent compared to the end of 2018, when it was just 45 percent.
This comes within the framework of instructions circulated by the CBK to local banks to give priority to nationals and to intensify efforts to qualify citizens and raise their percentage in executive positions and senior management, and not only at the level of the banking operations but also in other areas.