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Kuwait cbank ends interbank FX facility.

Byline: Kuwait

(Image: central.gif )

KuwaitCOs central bank confirmed on Wednesday it is withdrawing a temporary facility to cover dinar positions in the interbank markets.

COThe Central Bank of Kuwait recently reverted to the normal process of providing banks in Kuwait with the facility of covering Kuwaiti dinar positions developed as a result of customer foreign exchange transactions at the prevailing declared US dollar-Kuwaiti dinar exchange rate, said a central bank statement.

The facility was, however, temporarily broadened last year to encompass Kuwaiti dinar exchange positions resulting from trade undertaken in the interbank market, which at the time was considered appropriate in order to assist the smooth transmission of Kuwait dinar exchange flows.

COThe Central Bank has subsequently reverted to the historical process of permitting coverage at the declared rate of customer generated Kuwaiti dinar exchange position only, which in no way restricts the ability of banks to quote Kuwaiti dinar foreign exchange rates either in the interbank market or their own customers,CO it added.

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Publication:TradeArabia (Manama, Bahrain)
Date:Aug 6, 2008
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