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
Many Citizens And Expats Have Deposits In Iranian Banks Offers High Interest
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.
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