Monday , October 23 2017

Increase in interest ends era of ‘knock-down’ loans – Banks shrug off market status

KUWAIT CITY, March 18: Subsequent to the decision of Kuwait Central Bank to raise the deduction rate of Kuwaiti dinars by a quarter percent to 2.75 percent, the era of cheap loan has ended, especially as the US Federal Indices show a double raise in the rate of loan interest within the current year, reports Al-Anba daily.

Banking sources indicated the decision to raise interest rate will not affect current individual loans below five years, and the decision will rather enhance the rate of bank deposits and savings, considering the rate of returns on dinars. Meanwhile, the GCC market indices witnessed a collective growth in transactions lately due to increase in the interest rate within the Gulf, except for Qatar and Oman.

Trade and Transportation Committee affiliated to Kuwait Chamber of Commerce and Industry (KCCI) held its second meeting for 2017 recently at the premises of KCCI. The meeting chaired by Khalid Meshari Al-Khalid was held in the presence of all members of the committee. Among issues the committee agreed should be dealt with as a matter of urgency included the establishment of comprehensive customs documentation centers in all Kuwaiti borders, and restructuring of activities at the Free Trade Zone, in addition to a customs post at Shuwaikh Port with wellequipped modern platform for inspection, and operating bridge winches inside Shuwaikh Port to ensure the port works in its optimal capacity.

Kuwait Municipality, with the participation of Ministry of Awqaf and Islamic Affairs, has completed a study related to temporary mosques, which will be submitted to the Minister of Awqaf and Islamic Affairs and State Minister for Municipal Affairs Mohammad Al-Jabri early next week, reports Al-Rai daily quoting informed sources. They indicated that the minister will then refer the study to the Council of Ministers for review and necessary decision.

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