Regulatory Alerts2010-04-22
Instructions Concerning the Buying and Selling of GCC Currency Notes
The Central Bank of Kuwait issued regulatory instructions mandating that banks and exchange companies accept and trade GCC currency notes (Omani Riyal, UAE Dirham, Qatari Riyal, and Bahraini Dinar) against the Kuwaiti Dinar. Banks must adhere to daily announced buying and selling rates, ensuring public transactions occur within a maximum 0.5 percent margin while treating the announced buying rate as the minimum and selling rate as the maximum for public dealings. The Central Bank further commits to purchasing any un-sold currency balances held by banks at the announced buying rate plus a 0.25 percent margin, with these directives taking immediate effect upon notification.
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