عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwait Wealth Fund Reaches Initial Agreement on KPC Dividends

An aerial view shows Kuwait City. Reuters file photo
An aerial view shows Kuwait City. Reuters file photo
TT
TT

Kuwait Wealth Fund Reaches Initial Agreement on KPC Dividends

An aerial view shows Kuwait City. Reuters file photo
An aerial view shows Kuwait City. Reuters file photo

Kuwait's sovereign wealth fund has reached an initial agreement with Kuwait Petroleum Corporation (KPC) on new payment terms for over $20 billion in accrued dividends, a government source said.

KPC has owed for years about 7 billion Kuwaiti dinars ($23 billion) in dividends to the General Reserve Fund (GRF), one of Kuwait's sovereign funds.

The agreement between GRF and state-owned KPC on a new payment schedule has not been signed yet but the government source said it would be submitted to the finance and oil ministries for approval.

The source did not specify to Reuters a time frame for the payment but said the final terms would not impact the financial position of the company or its ability to honor obligations linked to its investments.

Most Viewed

 
 
Business

Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
TT
TT

Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.