Members of parliament have launched an investigation into the rise in consumer debt and its causes, with some openly considering forgiving consumer debt. MPs blame the rise in personal debt on the rising prices of commodities as a result of the country’s failure to diversify sources of national income. MP Mohammed Hayef has submitted questions to Finance Minister Dr Nayef Al-Hajraf about the consumer loan policies of the Central Bank of Kuwait and the level of compliance among local banks. He says some banks are incorrectly raising interest rates on consumer loans, increasing consumers' financial burdens.
[FULL STORY HERE]
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