Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Sharp Increase Seen In Kuwaiti Deposits In Iranian Banks
There has been a sharp increase in Kuwaiti deposits at Iranian banks lately due to low interest rates offered by Kuwaiti banks compared to those of their Iranian counterparts, reports Al-Qabas daily.
The daily quoting sources said Kuwaitis have millions of dinars in deposits at Iranian banks which offer about 20 percent interest rate. They noted the journey of deposits begins at exchange offices whose activities are supposed to be limited to buying and selling of currencies, and ends at the other side of the Gulf through Iranian banks, exchange offices or Iranian businessmen looking for the US dollars for trade purposes (import and export).
Meanwhile, sources explained that funds transferred to Iran via unofficial channels are not guaranteed or protected either in Kuwait or Iran, noting deals of this nature are unrecognized as they are executed through illegal channels — even if a contract is signed by the client and the bank in Iran or its brokers at the exchange offices in Kuwait.
They reiterated such contracts expose the parties involved to liability as per laws governing money laundering and anti-terrorism. It is worthy of note that several Iranian banks declared bankruptcy in the second half of 2017 while others prevented clients from withdrawing funds without any explanation.
This agitated the demonstrations witnessed in the country in early 2018, the sources said. The Iranian riyal since the beginning of 2018 has lost two thirds of its value, and worsened by the US announcement to withdraw from the nuclear treaty signed with Iran in 2015.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment