Central Bank of Kuwait Requires Local Banks to Prepare Estimated 2010 Financials

AlQabas reports that the CBK has issued an order to local banks that they must prepare projected financials for 2010 shortly after the end of Fiscal 2009.  These are to be supplied within the deadline for the submission of the 2009 financials.

Given the financial crisis in 2008 and the impact on the banks, the CBK had not required projected financials for 2009.

Other than the obvious motive of instilling greater discipline in banks' planning, the CBK can use these reports to gauge current bank sentiment to business in 2010, the scope of their planned activities and thus the likely impact on the economy.