LOC11:59
08:59 GMT
Central Bank of Kuwait Governor Mohammad Al-Hashel
KUWAIT, Oct 10 (KUNA) -- Central Bank of Kuwait Governor Mohammad Al-Hashel announced that the CBK has finalized last phase of applying the IBAN (the International Bank Account Number), for unifying banking systems globally.
The CBK Governor affirmed in a statement necessity of implementing the electronic system for it secures rapid transfers, without any time consuming faults.
First phase of implementing the IBAN was launched on January 1st, 2011, the second phase resulted in full preparedness by the banks in Kuwait to apply the IBAN, effective April 2013 and the third stage would end with full readiness of all government departments for its installment -- which has become compulsory for all financial transfers, as of November 1st, 2015.
Governor Al-Hashel emphasized keenness of staying abreast of latest innovations in the sector globally. (end)
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