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Remittances delay in US dollars from Kuwait to Turkey results in big loss

KUWAIT CITY, May 7: US dollar remittances from Kuwait to Turkey have been delayed twice, reports Al- Rai daily quoting sources.

Sources said a number of clients complained about the delay of their remittances, indicating they asked the exchange companies to cancel remittances because the delay resulted in enormous losses and disrupted their investment plans.

Sources disclosed remittances used to take four to five days to reach beneficiaries now take about 10 days. Sources pointed out the loss is due to many reasons including change in the value of the currency compared to the Turkish lira which witnessed a lot of changes recently.

Sources added the delay resulted in clients paying penalty to companies they are dealing with since they violated the grace period given to them.

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