Foreign Currency
There are normally no foreign exchange restrictions in Kuwait. The Kuwaiti Dinar is freely convertible for all
current and capital account transactions. The exchange rate is calculated daily on the basis of a basket of
currencies which is weighted to reflect Kuwait's trade flow.
Banking
The banking system of Kuwait is supervised by the Central Bank of Kuwait. All Kuwaiti banks are entirely
Kuwaiti-owned or owned by Kuwaitis in conjunction with other Arab nationals. In addition to the commercial
banks in Kuwait, there are specialized banks which include the Industrial Bank of Kuwait, the Kuwait Real
Estate Bank and the Saving and Credit Bank.
Kuwaiti banks have established banking relationships throughout the West. Full correspondent relationship,
which include deposit account services, are more limited and concentrated in large regional banks.
Several American provide a wide range ocorrespondent services. In addition, many non-US banks also share
firm correspondent relationships with Kuwaiti banks.
Commercial Banks
Kuwait has seven commercial banks of which one, the Bank of Bahrain and Kuwait, is a foreign joint venture
bank. Apart from this exception, foreign banks are not allowed to operate within Kuwait or to hold shares in
Kuwaiti banks.
Other Financial Institutions
Kuwait has a number of specialized banks. The Kuwait Finance House is a commercial bank that carries out
Islamic financial transactions. The Industrial Bank of Kuwait and the Kuwait Real Estate Bank function
much like American investment banks.
Kuwait has seven conventional banks and one Islamic bank.Kuwait's conventional and Islamic banks offer a
vast range of services including current and savings accounts, with various terms and interest rates, including
on-line enquiries and cash withdrawals 24 hours a day from ATM's at various locations and commercially
active areas in the country. With the advancement in today's on-line banking technology, your banking
requirements are just a click away. For further inquiries explore the offers and services the banks have in
store for you.