CBK governor confirms news of his resignation

[Sara Johnson]

CBK governor confirms news of his resignation

2/13/2012 12:55:00 PM

The Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdelaziz Al-Sabah

KUWAIT, Feb 13 (KUNA) -- The Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdelaziz Al-Sabah confirmed, Monday, his resignation from the post.

In an exclusive to KUNA on this issue, the outgoing official pointed out that, "the challenge of current local economic conditions and forecast growth in public expenditure has reached a point where it would prevent the CBK from carrying out its duties as stated in the bill of its establishment." Sheikh Salem stressed that he spared no effort to stress the urgent need for addressing main structural imbalances which are harming the national economy, topped by increases of unprecedented and unsustainable levels in public expenditure. This directly affects the bank's ability to do its job, which is to maintain factors of monetary and financial stability of our national economy, he said.

The outgoing top banker remarked that while his efforts met support and approval, there is yet to be real action and measures to steer monetary reform as gateway to the aspired economic reform. As a result, structural imbalances increased in severity, and the risks involved are on the rise, even if temporarily masked by high oil prices at the present time.

"I express my thanks to all finance ministers I worked with in my long career, as well as all members of the board of the Central Bank of Kuwait, past and present, who helped me perform my duty and actively contributed to all policies and decisions adopted by the bank.

"I would also like to express my esteem and gratitude to all those who worked with me as part of the CBK team all these years, both managers and staff, whose support played a role in the development of the bank and in its unique achievements in all fields," Sheikh Salem concluded.(end) mfs.rda.wsa KUNA 131255 Feb 12NNNN

http://www.kuna.net....068&language=en

[mcuman]

Now this begs the questions: Has Kuwait been getting paid their reparation funds in Dollars or Iraqi Dinar? Are they facing the same financial crisis as the rest of the world?

[TimS]

Now this begs the questions: Has Kuwait been getting paid their reparation funds in Dollars or Iraqi Dinar? Are they facing the same financial crisis as the rest of the world?

They would not take IQD for reparations.....it's been all USD from oil sales. What did Iraq owe ...20 billion US...that would be 20 trillion dinar....hardly think they paid Kuwait in dinar....if they did, Iraq will NEVER RV and we're screwed. You think Iraq is going to shell out $20 trillion (if it's 1 to 1) or $60 trillion (if it's 3 to 1) to pay off at the RV rate?.....not hardly.

[zigmeister]

They would not take IQD for reparations.....it's been all USD from oil sales. What did Iraq owe ...20 billion US...that would be 20 trillion dinar....hardly think they paid Kuwait in dinar....if they did, Iraq will NEVER RV and we're screwed. You think Iraq is going to shell out $20 trillion (if it's 1 to 1) or $60 trillion (if it's 3 to 1) to pay off at the RV rate?.....not hardly.

Somewhere I heard or read Kuwait told Iraq to stop sending them their toilet paper for money, the wanted the real stuff!