Leading investment companies still challenged -- CBK governor

KUWAIT, May 10 (KUNA) -- Some leading local investment companies are still faced with major challenge and need to maintain vigilance amid the current global economic crisis, the Central Bank of Kuwait (CBK) governor was quoted Sunday.
In an interview published in Al-Rai newspaper, Sheikh Salem Abdelaziz Al-Sabah said some companies need to re-organize their affairs to better suit the global economic situation and what it entailed for the local economy.
"No doubt, the issue of a law on monetary stability and implementation mechanisms provides a tool to help along efforts to overcome the current stage of challenge. To actually accomplish that, efforts must unite to benefit from both precautionary measures and remedies offered in the said bill," the governor was quoted saying.
Sheikh Salem was asked to comment on reservations on the part of banks regarding the bill. "There are no reservations. It was all just talk," he stressed.
The governor further stressed any reservations were most probably back at the stage when a bill was still being considered by the concerned finance committee, though he knew not of any.
"As for implementation, we shall have to wait and see whether all works as planned. We cannot determine and reach a conclusion on such a thing overnight, " the governor noted.
In comment over speculation as to what category of companies would benefit from the law, he said the bill did not indicate a certain category. It rather specified provisions to be met.
Asked if implementation indicated a need for certain adjustments, the official again stressed more time was needed to judge on that matter. "A mere month is not sufficient to determine that," he reiterated. (end) amf.wsa KUNA 101001 May 09NNNN