CBK Instructed Banks To Calculate Loan To Expats Based On Current Salary
Category: Kuwait Local News

The Central Bank of Kuwait (CBK) has instructed banks and financing companies to calculate the consumer loan granted to expatriates based on their current salary, reports Al-Anba daily quoting sources. Sources disclosed this instruction is part of the CBK circular on granting consumer loan to expatriates whose bank statements should reflect the salary deductions, if any.

Sources explained the banks and financial institutions usually ask for the bank statements of expatriates, who apply for loans, for the last three or six months or maximum of one year to be sure that they receive the same salary continuously.

Moreover, some officials consider the salary condition and the requirement to submit receipts reflecting the loan amount an indirect way of preventing expatriates from obtaining loans. On the other hand, banks have expressed concern that the processing of loans could be longer — one week or more instead of three days — due to the abovementioned conditions.

Member of the Anti-Smoking National Program Amal Al-Yahya said the prices of tobacco products in Kuwait might increase by 100 percent in view of the decision to impose specific tax on these products, reports Al-Rai daily. According to Al-Yahya, the prices of these products in the local market are low compared to the US and European countries.

He disclosed the specific tax was approved by the GCC ministers of health, who asked their finance counterparts to lay down a mechanism for the implementation of the decision. He pointed out that increasing the price of cigarettes is one way of limiting the consumption of tobacco and it could be a source of national revenue. He cited the case of Egypt whose budget increased by $15 billion from 2011 to 2014 due to the decision to raise tax on tobacco products. He affirmed the Anti-Smoking National Program continues its efforts in combating smoking, asserting the number of medicines to help people quit smoking has increased.

Official spokesperson of the Public Authority for Housing Welfare (PAHW) Ibrahim Al-Nashi has denied the rumor spread through social media on stopping the payment of rent allowance to citizens who applied for housing grants due to the oil price decline and the austerity measures taken by the government, reports Al-Anba daily. He confirmed the authority is implementing its housing projects as planned and the rent allowance is still paid to beneficiaries; stressing there is no intention to stop the payment temporarily or permanently, or even to reduce the allowance. He urged everyone to verify information prior to publication in order to avoid misleading the people.

The Interior Ministry has referred 45 civilian employees for retirement, as they have been in service for 30 years or more, reports Al-Shahid daily quoting sources. However, some parties pointed out the possibility that the ministry will lose employees with vast experience and good qualifications; especially since the new list of employees referred for retirement includes those whose ages have not exceeded 50 and who have been in service for 30 or 31 years, while some of those who have been in service for more than 35 years were excluded from the list.



22 Jan, 2016 0 1767
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