KUWAIT CITY, March 25: The Central Bank of Kuwait (CBK) has directed local banks to postpone all upcoming prize draws effective immediately until the bank receives and assesses the results of an ongoing evaluation process.

In a circular issued to banks, the CBK stated:

"As part of its mandate to regulate the banking sector, ensure smooth operations, and maintain a fair environment that safeguards customer rights under a balanced framework—and under Article (71) of Law No. 32 of 1968 concerning currency, the Central Bank of Kuwait, and the regulation of banking practices (including amendments)—the CBK has taken this measure regarding prize draws linked to certain customer accounts (products).
Given the time elapsed since these products were introduced, a reassessment is necessary to ensure maximum transparency, clarify requirements, and verify proper functionality, all within the principles of sound governance."

The circular further emphasized: "Banks must suspend all upcoming prize draws for these products with immediate effect until the Central Bank reviews the findings of the evaluation process for further consideration."

This move underscores the CBK's commitment to upholding transparency and protecting consumer interests in the banking sector.