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Wednesday , December 1 2021

CBK ‘regulates’ delays on loans

KUWAIT CITY, April 20: The Central Bank of Kuwait (CBK) recently announced the conditions and regulations for postponing the collection of payments for consumer and installment loans from eligible citizens for a period of six months, reports Al Anba daily. In its circular to the banks, investment companies and financing institutions, the Central Bank clarified that the conditions and regulations are applicable to eligible Kuwaitis, indicating the client must submit a document expressing his desire to postpone payment of the loan to the creditor within a month from the date the law on postponing the collection of payments for loans takes effect.

The National Assembly and the government agreed on issuing a law on postponing the collection of payment for loans due to the negative economic repercussions of the coronavirus pandemic. This step is aimed at easing the financial burdens of citizens.

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