{"id":18909,"date":"2020-02-02T14:50:30","date_gmt":"2020-02-02T20:50:30","guid":{"rendered":"https:\/\/www.dinarupdates.com\/observer\/?p=18909"},"modified":"2020-02-02T14:50:30","modified_gmt":"2020-02-02T20:50:30","slug":"flashback-crush-expected-when-kuwaiti-banks-reopen-today","status":"publish","type":"post","link":"https:\/\/dinarupdates.com\/observer\/?p=18909","title":{"rendered":"FLASHBACK – Crush Expected When Kuwaiti Banks Reopen Today"},"content":{"rendered":"

FLASHBACK –\u00a0 Crush Expected When Kuwaiti Banks Reopen Today<\/span><\/h1>\n

March 24, 1991|From Reuters<\/h2>\n

\"\"<\/a>KUWAIT CITY, Kuwait \u2014<\/strong> Thousands of Kuwaitis are expected to jam the country’s banks today when they open for the first time since the end of the Iraqi occupation.<\/p>\n

Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.<\/p>\n

“We expect a rush of people,” said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.<\/p>\n

Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.<\/p>\n

When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.<\/p>\n

Balances of customers’ accounts will go back to what they were on Aug. 1, a day before the invasion.<\/p>\n

Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.<\/p>\n

The new Kuwaiti money will be exchanged for old at a one-to-one rate.<\/p>\n

https:\/\/articles.latimes.com\/1991-03-24\/news\/mn-1395_1_kuwaiti-banks<\/strong><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FLASHBACK –\u00a0 Crush Expected When Kuwaiti Banks Reopen Today March 24, 1991|From Reuters KUWAIT CITY, Kuwait \u2014 Thousands of Kuwaitis are expected to jam the country’s banks today when they open for the first time since the end of the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-18909","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p8gMgY-4UZ","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/18909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18909"}],"version-history":[{"count":1,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/18909\/revisions"}],"predecessor-version":[{"id":18911,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=\/wp\/v2\/posts\/18909\/revisions\/18911"}],"wp:attachment":[{"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinarupdates.com\/observer\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}