Money exchange market in Kuwait witnesses great recovery

KUWAIT CITY: About two months after the decision to open Kuwait International Airport and gradually return to normal life, Kuwait’s money exchange market witnessed a great recovery.

This happened after the issuance of certain decisions to allow vaccinated citizens to travel abroad, and to open the airport to all countries.

The money exchange market during the past year suffered from stagnation and lack of buying and selling as a result of the airport’s closure for long periods, reports Al-Anba daily.

A field tour of the forex shops was carried out by the daily to learn about the extent of the demand on the market in the current period and the most traded currencies in light of the approaching summer season and travel to the end.

According to a number of managers of forex shops, the market witnessed a great state of activity with the beginning of the commercial movement at Kuwait International Airport whereby the operations of buying and selling currencies jumped by 80 percent since July.

There is a high demand for some currencies, especially the Turkish lira, the US dollar, the Euro, the Saudi riyal, the Iranian toman and the Egyptian pound.

They stressed that the market will witness a great recovery in the event of an increase in the operating capacity of arrivals to Kuwait International Airport, especially since many people coming to the country often carry foreign currencies that need to be converted into Kuwaiti dinar.

The managers affirmed that the recent decisions of the Cabinet to open the airport and increase the operational capacity need continuity to return the exchange market to its normal position again, especially since it incurred large losses during the past phases due to the closure of the airport for long periods.