Regulatory Alerts2004-12-02
Instructions Concerning Buying and Selling GCC Currency Notes
The Central Bank of Kuwait issued binding instructions requiring local banks and exchange companies to buy and sell Bahraini Dinar, Omani Riyal, Emirati Dirham, and Qatari Riyal notes at daily published rates. These institutions must adhere to the Central Bank's published minimum purchase and maximum selling rates, maintaining a spread not exceeding 0.5 percent against the Kuwaiti Dinar while accepting public transactions accordingly. The Central Bank further guarantees the repurchase of unsold currency balances at the daily rate plus a 0.25 percent margin, with implementation dates spanning from August 1993 to May 1994.
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