Al-Mulla: The Money exchange sector is facing challenges

The President of the Kuwait Chamber of Commerce and Industry, Muhammad Al-Saqr, received in his office yesterday the Chairman of the Board of Directors of the Kuwaiti Federation of Exchange Companies Abdullah Al-Mulla and Jihad Al-Taqi, in the presence of the Chamber’s Director General Rabah Al-Rabah.

At the beginning of the meeting, Al-Saqr praised the role played by the Union to develop and develop the exchange sector by using the best available capabilities and expertise to spread awareness of money exchange business in accordance with the requirements and objectives of the financial market in Kuwait, as well as conducting research and studies on exchange business and issuing bulletins, also praising the continuous cooperation between the «Chamber »And the union for many issues of concern to the business sector.

Al-Saqr confirmed that the chamber will discuss the challenges that affect this important sector and address the competent authorities to find appropriate solutions to that.

For his part, Al-Mulla expressed the Federation’s sincere appreciation for the efforts made by the Chamber to support companies in various sectors, indicating that exchange companies operating in Kuwait are 38 companies subject to the supervision of the Central Bank of Kuwait, indicating that this sector is facing a difficult challenge at the present time, which is represented by Regarding the refusal of many banks operating in the country to open new accounts or the continuation of the business relationship with those companies without giving reasons, stressing that the company’s bank account is the basis of the transactions of any exchange company, adding that this challenge represents a fundamental problem for the exchange companies sector in Kuwait, as this decision will lead The inability of these companies to conduct financial transfers that are indispensable to both citizens and residents alike.

Al-Mulla added that the exchange sector is facing recent decisions that have resulted in new challenges that threaten the continuation of the sector as a whole, which affects the business environment and future trends towards transforming Kuwait into an international financial and economic center, due to the fact that exchange business is linked to the free flow of fund

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