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Kuwait instructs local banks to hire locals

The Governor of the Central Bank of Kuwait, Sheikh Salem al-Sabah on October 31, 2010 [AFP via Getty Images]
The Governor of the Central Bank of Kuwait, Sheikh Salem al-Sabah on October 31, 2010 [AFP via Getty Images]

The Central Bank of Kuwait today said on its website it has instructed local banks to appoint Kuwaitis in "leadership positions", as part of a drive to create more job opportunities for the country's nationals.

The number of jobs in Kuwait decreased by 4.2 per cent during 2020, recording the highest annual employment losses in nearly 30 years, due to the repercussions of the coronavirus crisis, a report by the National Bank of Kuwait (NBK) revealed.

Kuwait is going through one of its worst economic crises due to the effects of the coronavirus and the global drop of oil prices, which constitutes the main source of more than 90 per cent of government revenues.

The report anticipated the pace of foreign workers' departure to be maintained during the coming period in light of the proposed changes to the residency law, the continued implementation of policies which encourage companies to hire Kuwaiti workers in lieu of foreign staff, and the layoffs as companies continue to tackle the effects of the economic crisis.

READ: Kuwait refers company for alleged money laundering

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