EXCHANGE RATE; THE CONTRACT BETWEEN KUWAIT'S EXCHANGE COMPANIES CANCELLED

  • 03/06/2022

Kuwait City: The decision to terminate the exchange rate fixing agreement for the transfer of funds abroad. The decision was made by the Federation of Exchange Companies, which has been formed among the top 10 companies since the beginning of the Covid crisis. The decision states that the period of price stability that came into effect between the consortium of companies ended about two years ago. 


Sources said that the termination of the price stabilization agreement between the exchange companies will increase the competition to attract customers by offering lower prices. In particular, some major exchange companies believe that some of their customers have switched from outside the union to companies offering lower prices. Therefore, efforts will be made to bring back such customers, the sources said.

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