Saturday , October 1 2022

The Central Bank of Kuwait urges the Ministry of Commerce to control prices and not to increase


KUWAIT: The bank has considered the possibility of a price increase following the entry into force of new regulations so the central bank governor addresses the Ministry of Commerce and Industry to keep prices under control to control them and not allow them to grow .

Yousef Al-Obaid said at a press conference on Sunday that he will explain the new loan rules that these regulations are aimed at regulating the financing of banks and financing companies to meet the real needs of clients and to limit the excessive use of such funding without the necessary authorization of the client.

He added that the bank introduced a series of fundamental changes to the rules and fundamentals of granting banks and investment and financing companies for consumer and credit loans, in line with the movement of core indices of the Kuwaiti economy, performance indicators of the banking sector and a number of factors related to these loans and their uses.

Al-Abeed has unveiled a rapid bank awareness campaign and early 2019 has enlightened clients and clarified the picture for them.

He pointed out that these instructions belong to the donor and pay them to verify the fulfillment of the prescribed conditions and to study the client's credit status and to find out the purpose of the financing and to provide financial advice to the clients and underline that among the variables that were considered changes in population growth rates and high inflation and rising raw material prices The salary level in 2004, indicating that the bank hired one of the global consultants to study the issue.

He pointed out that the study included a comparison with other countries in the region, and finally concluded that adjustments should be made in this regard, given that there is a real need to borrow, promote a culture savings and reduce consumption.

Al-Abbaid pointed out that the Central Bank maintained the deduction rate, as it is for employees 40% and retirees 30%, which means there will be no benefit for each of the new instructions, underlining that the central race is always in the process of issuing instructions that imitate reality and variables.

He pointed out that the plant works to meet the needs of the community and examines all the proposals in detail, but we are not the guardian of our clients and the decision to borrow if it is left to customers, and our role here is to work to protect them.

Al-Obaid noted that the new guidelines have taken into account the rules and bases for granting consumer and credit loans to traditional investment and financing banks and banks, while the second part includes the rules and bases for issuing credit cards.


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