The Central Bank of Kuwait on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.

The bank cut the one-week repo rate to 1.5 percent and its one-month rate to two percent, according to the bank's official website.

The central bank on Sunday cut its benchmark discount rate by 50 basis points to 2.5 percent, its first reduction in nine months, in a move aimed at making borrowing cheaper.