CAIRO (Reuters) – The central bank of Kuwait raised its discount rate by 0.50% from 3% to 3.50% effective Dec. 7, a central bank statement said on Tuesday.

The decision comes in line with the bank’s aim of reinforcing a growth-friendly environment, and maintaining financial and monetary stability and the attractiveness of the national currency as a store of wealth, Governor Basel Al-Haroon said in the statement.

(Reporting by Alaa Swilam; Editing by Jan Harvey)