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30,000 people wanted by law for failing to repay bank loans
January 11, 2015, 9:47 am

About 30,000 people are wanted by law for failing to pay installments of loans obtained from local banks over the past year, reports Al- Shahed daily quoting banking sources.

They affirmed that the banking sector is coordinating with the Central Bank of Kuwait (CBK) on ways to consider those amounts in the financial budget of 2014 for which a legal committee will be formed to submit a proposal on the issue.

The sources said that CBK has assigned the management of Control and Inspection Department to review the files of loan-borrowers and provide a detailed report about the loans granted by the banks so that CBK can identify the irregularities committed by the banks in the lending process and take necessary actions against offending banks.

They added that the total value of loans in Kuwaiti banks has reached 36.3 billion dinars, leading to an increase in compound annual growth rate (CAGR) of 4.8 percent over the past five years.

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