Kuwaiti banks not affected by US mortgage crisis

By NNN-KUNA

Kuwait : Governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdul-Aziz Al-Sabah, has said the US real estate mortgage crisis will not take toll on the Kuwaiti banks.


Support TwoCircles

Sheikh Salem told “Al-Qabas” Arabic daily here that the Kuwaiti investments overseas would be affected for the drop in share prices in their portfolios and the jittery stock markets.

Turmoil in the world’s financial markets Thursday and Friday aimed a hard blow to share prices which prompted the central banks in North and South America, Australia, East Asia, and Europe to pump up to USD 1 trillion to pacify investors’ fears after they rushed to get rid of their shares and refrained from pumping capital into the markets.

The CBK governor expected the impact on the Kuwaiti investments abroad, both public and private, to be mixed, depending on the geographical locations, investment tools, and the currencies against which they were pegged.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE