‘Unlicensed foreign exchange bureaus expanding’

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KUWAIT CITY, May 7: Despite the stringent monitoring regulations of the Central Bank of Kuwait on unlicensed and unregulated phenomenon of foreign exchange bureaus, there has been a significant increase in this business recently, as it has overstepped the contracting companies and import-export offices, and reached convenience stores (bakalas).

Sources privy to this kind of business revealed that there are about 39 convenience stores (bakalas) in Kuwait, which carries out “Forex” business and foreign money transfers. These shops offer irresistible exchange rates as well as special charges for huge transfers that exceed KD 4,000 each.

This prompts some expatriates to send their money through these unregimented “Forex” transfer bureaus in bakalas. They indicated that there are nine such bakalas in Jleeb Al-Shuyoukh, fi ve in Farwaniya, six in Hawally, eight in Khaitan, two in Jahra, four in Fahaheel and fi ve in Mahboula

This news has been read 5677 times!