The Central Bank of Kuwait stated that the information is has published does not delate to bad debts owed to banks or financial companies by a particular category of customers.
A statement from the Central Bank of Kuwait mentioned that the banking authority “assures that all the figures contained in that report are altogether incorrect, whether at the level of numbers or debt classification.”
Kuwait’s Central Bank has refused the media reports that the overall bad debts for expatriates in the country during the past four years reached $1.8 billion, saying that the figures are “altogether incorrect.”
The figures arrived from a July 18 report in the Kuwait Times in which the newspaper – citing details – announced that a bigger proportion of the debts belonged to foreigners who were laid off by the government, with 15 percent owed to financial facilities companies and 85 percent to local banks.
A statement from the Central Bank of Kuwait, however, mentioned that the banking authority “assures that all the figures contained in that report are altogether incorrect, whether at the level of numbers or debt classification.”
The statement even mentions that the bank has not reported any related information except what is published in its quarterly statistics, and pointed to a 1.4 percent improvement in non-performing loan rations as proof of the “financial soundness and strength of the Kuwaiti banking sector.”
The statement noted, “Furthermore, the data published by the Central Bank of Kuwait in this regard do not relate to the bad debts owed to banks or financial companies by a specific category of customers. Therefore, the Central Bank of Kuwait underlines the importance of referring to its official reports and periodicals for the correct financial and economic information.”
The bank also urged Kuwait’s media outlets to “exercise caution”, noting that false and misleading information “may adversely affect the financial and economic conditions of the country.”
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