Many Citizens And Expats Have Deposits In Iranian Banks Offers High Interest
Category: Kuwait
Immigrate to Canada or Australia
Study In Abroad

Many citizens and expatriates have opted to maintain deposits in Iranian banks which offer high interest rates ranging from 18 to 20 percent reports Al-Qabas daily quoting sources. Sources disclosed such transactions are processed through money exchange companies controlled by the Ministry of Commerce and Industry.

Sources pointed out these transactions are getting bigger and might become prevalent as the demand is growing, especially since the local banks offer low interest rates. Sources said deposit and withdrawal transactions are completed through a hotline number starting in Kuwait via some money exchange centers whose activities are supposed to be limited to selling and buying currencies.

Sources disclosed the transactions end on the other side of the Arabian Gulf particularly in Iranian money exchange centers, banks and businesspersons who need dollars for their foreign deals. Sources added that money passes through branches of Iranian banks in a Gulf country where deposits are collected in favor of banks in Iran.

Financial sources warned such practices are not for money exchange companies that are supposed to buy and sell currencies only. They pointed out the functions of the Ministry of Commerce and Industry is limited to following up financial data and issuing licenses while that of the Central Bank of Kuwait (CBK) is more accurate and relevant. Sources said some money exchange centers and companies play a role in creating the black market where the Egyptian Pound is transferred outside Kuwait at higher rates.

They revealed the mechanism of such money exchange centers includes receiving either the dinar or dollar equivalent of the Egyptian Pound and then the client receives the money via the exchange centers in Egypt. They added the money received by the client in dollar or dinar is transferred to businessmen around the world to finalize their deals. Sources went on to say some money exchange companies took advantage of the decision taken by the Indian government to cancel some banknotes like the 500 and 1,000 Rupees as they were used in money laundering and financing terrorism.


10 May, 2017 0 4006
Posted Comments
Popular News
Business Drop By 95%, Alshaya Has Prepared To Reduce Costs Several businesses in Kuwait have begun feeling the pinch as a result of the measures taken by the government to contain the spread of coronavirus. Kuwait once a thriving market for retail and travel ... April 02, 2020 0 14207 Category: Kuwait
Kuwaiti Volunteers To Undertake The Task Of Bagging Groceries At The Cash Counters,6800 Jobs Taken Away In yet another preventive move to contain the spread of coronavirus the Union of Consumer Cooperative societies has assigned Kuwaiti volunteers to undertake the task of bagging groceries at the cash c... April 01, 2020 0 9250 Category: Kuwait
Gradual Implementation Of Total Curfew As Per Areas In Country Stringent measures have been enforced due to frequent increase in infection of coronavirus virus where marginal laborer are densely accommodated to contain the spread of infection. Sources stated t... April 01, 2020 0 8287 Category: Coronavirus
Total Ban Options On Government Table Today The possibility of enforcing a full curfew is among the  options on the agenda of the Council of Ministers in their meeting tonight, Al Rai newspaper disclosed that a high ranking government reve... March 31, 2020 0 6106 Category: Coronavirus
28 New Coronavirus Cases - 24 Indians And 2 Bangaldeshi Among Them - Total 317 Apr 1: The Kuwaiti Ministry of Health announced Wednesday that 28 people were infected by the novel coronavirus, in the last 24 hours. Total confirmed virus cases are 317 1 case Kuwaiti national... April 01, 2020 0 5224 Category: Coronavirus
Govt Careful Before Imposing A Complete Curfew In The Country The official spokesman for the government Tariq Al-Mezrem said the cabinet was very carefully considering all views before imposing a complete curfew in the country. He said that the health authoritie... April 02, 2020 0 5218 Category: Coronavirus
Strict Curfew In Jleeb Al Shuyoukh Jleeb Al Shuyouk has come under the radar of the Ministry of Health who have begun taking rounds in the area to ensure precautionary measures are being followed to contain the spread of coronavirus. ... March 31, 2020 0 4461 Category: Automotive
A Building In Fahaheel quarantined Where 440 Indian Workers Are Staying A Building in Fahaheel is Quarantained with High Security and Health Mesaures where 440 indian workers . All of them working Home Delivery Boys has been suspected of infection from Coronavirus. as Few... April 01, 2020 0 4456 Category: Automotive
35 Indians among 289 Confirmed Covid19 Cases in Kuwait Ministry of Health today announced that 23 new cases of Coronavirus were confirmed in Kuwait in the last 24 hours. With this, the total number of confirmed cases raises to 289 in the country. 8 of ... March 31, 2020 0 4154 Category: Coronavirus
Indian Expat Living In Jleeb Tested Positive With COVID 19,entire Building Under Quarantine For Two Weeks An Indian expat living in Jleeb tested positive with COVID 19 while his wife is under suspicion of being infected a leading Arabic daily reported yeaterday. The ministry of health has put the enitre b... March 31, 2020 0 3948 Category: Coronavirus
View All
Visit Visa
Visit Visa
Dependent Visa Driving License Project Visa Termination
Civil ID Crime News
Crime News