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Kuwait allows banks to trade derivatives with foreign banks

Kuwait allows banks to trade derivatives with foreign banks
Kuwait's central bank - CBK announced that it will allow local banks to deal in derivatives with foreign banks.

Sources close to the matter who were cited by Arabic Al Rai newspaper stated that CBK has informed treasury managers at banks that it no longer objects to Kuwaiti banks dealing in derivatives with foreign banks, as long as they deal in products approved by central bank regulations.

The newspaper stated that this decision came to lift ban on derivate trading , which was imposed by CBK in 2008 as Kuwaiti banks were hit hard by the debt problems of local investment firms during the global financial crisis.