Kuwaiti Banks Expect Asset Defrost By February End Of Licensing Process Seen, But What Then?
BANKS
As the U.N. deadline for Iraq's withdrawal from Kuwait approaches and war seems ever more likely, strangely enough, the situation is improving for Kuwait's banks and their foreign exchange desks. The banks are nearing completion of a tortuous licensing process that would allow them to resume operations suspended by the August invasion. A global freeze on assets has been in effect since then, leaving billions of dollars worth of transactions in limbo. Worse, the banks' records, with a few
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