Kuwait banks untouched by credit turmoil

by Reuters Monday, 13 August 2007

Kuwaiti banks are not affected by the turmoil on global credit markets, a newspaper on Sunday quoted the central bank governor as saying.

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A lending squeeze, triggered by defaults in the U.S. market for high-risk mortgages, spooked investors around the globe, and forced central banks to inject cash into the banking system.
The U.S. Federal Reserve intervened twice in one day, while the European Central Bank, the Bank of Japan and other central banks injected liquidity into banking systems on Friday.

"Kuwaiti banks will not be affected by the crisis, because they do not invest in tools that were negatively affected by the American mortgage crisis," Kuwait's central bank governor Sheikh Salem Abdul-Aziz al-Sabah told al-Qabas newspaper.

"The condition of Kuwaiti banks differs in this regard with international banks that invest in these tools," he said.

Kuwaiti investments abroad and portfolios would be affected due to a drop in stock markets, he added.

Stock markets tumbled around the world last week as investors fled to safe haven assets, fearing the U.S. subprime credit crisis would spread.



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