The Central Bank of Kuwait has issued a directive to local banks, to immediately suspend all upcoming withdrawals until the withdrawal evaluation process is completed and its results are received.
In a circular issued today, Tuesday, 25th March, the Central Bank of Kuwait emphasized its commitment to regulating the banking sector and ensuring proper banking practices while safeguarding customer rights through a balanced framework that protects the industry.
Citing Article (71) of Law No. 32 of 1968 on currency and banking regulation, the bank highlighted the need for a reassessment of certain banking products, specifically raffles linked to customer prizes.
Given the time elapsed since these products were introduced, the Central Bank stressed the importance of re-evaluating them to enhance transparency, establish clear requirements, and ensure their compliance with sound governance principles.
Importantly, banks must immediately postpone any future withdrawals related to these products until the Central Bank of Kuwait receives and reviews the results of the evaluation process.
Source: Al Qabas
