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Kuwait - Averting financial crisis, Volume 1
Author:Al-Sultan, Fawzi H.; Country:Kuwait;
Date Stored:1989/07/01Document Date:1989/07/31
Document Type:Policy Research Working PaperSubTopics:International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Banks & Banking Reform; Financial Intermediation
Language:EnglishMajor Sector:Finance
Region:Middle East and North AfricaReport Number:WPS243
Sub Sectors:Other FinanceCollection Title:Policy, Planning and Research Department working papers ; no. WPS 243
Volume No:1  

Summary: On August 8, 1982 a leaflet was distributed in the Suq Al Manakh building and in the basement of Commercial Center No. 5, the offices of the parallel stock market and the Kuwait Stock Exchange. The leaflet carried the names of most of the dealers in the stock market and it declared a one month moratorium on all payments of maturing future cheques. The moratorium, informal as it was, was respected by the dealers. During the next two years stock market and real estate prices fell more than 50 percent, devastating investors who had bought the underlying assets at future prices. This paper traces the development of Kuwait's financial crisis and describes the interventions devised by the government as events unfolded. The critical question is whether the solutions will reignite Kuwait's nonoil economy and stimulate the participation of the private sector.

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