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MENAFN - Arab Times - 08/11/2012

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(MENAFN - Arab Times) Many economic and financial institutions in Kuwait allegedly received calls from their counterparts in other countries on Sunday, inquiring about the current political situation in the country and its possible impact on the economy, reports Al-Qabas daily quoting sources.

Sources pointed out the entire world is closely monitoring the turn of events in Kuwait to know the extent of danger posed by the protestors and other negative repercussions of the street demonstrations.

Sources said it is just normal for the local financial and economic companies to receive such calls from international institutions because Kuwait is one of the big exporters of crude oil, in addition to the fact that the local economy is open to the world and several regional and international companies have investments in the country.

Sources from the banking sector revealed most of the queries were about the security situation, while those in the oil sector stressed there is no reason to worry about the oil export since it is protected from political conflicts.

Meanwhile, some oil sector officials have appealed to the workers to avoid unnecessary absences because work in the sector is a priority and it cannot afford to commit any mistake in all sections, including production and export.

In the meantime, Central Bank of Kuwait (CBK) Governor Dr Mohammad Al-Hashel has stressed the need for everyone to cope with the changes and be committed to the standards of governance so the country can overcome any challenge, reports Al-Qabas daily quoting sources.

Sources revealed the governor made the statement in his first meeting with high-ranking banking sector officials on Sunday during which they discussed a number of important issues, as well as ways to serve the interests of the sector in general. He also affirmed his readiness to accept suggestions in this regard, sources added.

Sources also quoted the governor as saying that he respects all views on the proposed mechanism for ensuring the safety of banks in the future, indicating these views will be taken into consideration before finalizing a decision based on the economic conditions locally and internationally.

 






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