Exchange between Kuwaiti exchange companies terminates: remittance rate expected to fall

Exchange between Kuwaiti exchange companies terminates: remittance rate expected to fall
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Kuwait City: It was decided to end the exchange rate fixing arrangement for funds transfer abroad. The Federation of Exchange Companies made the decision. It was formed from the top 10 companies in the Covid crisis. According to the decision, the period of price stability between the companies in the consortium ended approximately two years ago.

Sources claim that the end of the price stabilization agreement among exchange companies will increase competition for customers, allowing them to offer lower prices. Some exchange companies claim that customers have moved from the union to lower-priced companies. Sources said that efforts will be made in order to return such customers.

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