Kuwait

Steps needed to curb money laundering in Kuwait

KUWAIT - Money laundering is illegal but some people manage to get away with it, yesterday disclosed Talal Al-Sayegh from the Central Bank of Kuwait during a lecture organised by the Institute of Banking Studies (IBS).

Kuwait to link dinar to dollar

KUWAIT - Kuwait, ending a 27-year-old policy, said yesterday it will fully link the dinar to the U.S. dollar from 2003 as part of a plan by six Gulf states to forge a single currency.

Kuwait reports use of bank notes decreasing

ARTICLE - Over the past few years the demand for charge cards provided by Kuwaiti banks has increased, and has coincided with an enhancement of knowledge surrounding " plastic money", in an attempt to convert Kuwait into a society that depends largely on…

Kuwait gov't reviews action on money-laundering

KUWAIT - The Deputy Prime Minister, Minister of State for Cabinet and National Assembly Affairs, Mohammed Deifallah Sharar said, in a Cabinet statement, that the council followed up on steps aimed at combating money-laundering and examined a report,…

Kuwait audit urged to verify 1999 CB cash dealings

KUWAIT - The parliamentary committee probing the Central Bank transactions during the period between 1 May and 31 July, 1999 met Tuesday with officials of the auditing office. The purpose of the meeting was to get familiar with the work mechanism to be…

Kuwait's c bank probe panel await gov't replies

KUWAIT - The parliamentary committee probing the Central Bank transactions during 1999 elections met Monday with the Minister of Information and Acting Minister of Oil, Sheikh Ahmad Al-Fahd and also the Deputy Prime Minister and Minister of Interior and…

Gulf to make dollar peg to monetary union-report

BAHRAIN - Members of the Gulf Cooperation Council have agreed to adopt the U.S. dollar as the sole peg for a proposed single currency for the group, senior GCC official said in remarks published by Bahraini newspapers on Apr 22.

Oman $50 million boost for Lebanese cbank reserves

LEBANON - Oman deposited $50 million with Lebanon's central bank on Apr 6 to boost foreign currency reserves and to express its support for the government's economic measures, reported the local Daily Star newspaper.

Kuwait cuts rate 0.5 point for 2nd time in a month

Kuwait's Central Bank on Feb 1, 2001, announced a 0.5 point cut in the discount rate for the second time in less than a month, taking it down to 6.25 percent. The bank, which announced the move in a statement to the official Kuwait News Agency (KUNA),…

Kuwait helps defend Lebanese pound with $100m

Kuwait has decided to deposit $100 million with Lebanon's central bank to help defend the Lebanese pound and raise depleted foreign reserves, the office of Prime Minister Rafik al-Hariri said on Jan. 25.Hariri's office said that the Kuwaiti Fund for Arab…

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