AFTER 25 MONTHS without a break, Kuwait central bank governor Sheikh Salem Al Sabah took a much-needed holiday in July. Perhaps it is a sign that banks in Kuwait are regaining confidence.
In the past two years a large chunk of Kuwait’s financial system has disintegrated. In a way, it was a re-run of the country’s Souk Al Manakh crisis in 1982: an immense stock market bubble that burst, leaving many banks insolvent. This time it was a number of Kuwait’s 100 investment companies that found themselves in trouble.
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