The Central Bank of Kuwait has set April 17, 2025, as the deadline for Kuwaiti citizens and institutions to exchange fifth issue banknotes, warning these notes will lose their value after the deadline. This decision stems from regulatory efforts aimed at boosting the efficiency of the banking sector.
The move follows established monetary policies intended to transition to modern notes and secure the integrity of financial transactions throughout the country. The Central Bank emphasizes the importance of exchanging these banknotes to avoid complications with deferred currency.
All branches of the Central Bank will be available to assist customers with exchanges, assuring smooth operations by remaining open from 8 AM to 2 PM, with adjusted hours during Ramadan from 10 AM to 1 PM. The Kuwait Central Bank stresses the necessity of adherence to this schedule to prevent any legal tender issues after the deadline, which has been affixed at ten years since the original legislation was enacted on April 19, 2015.
On another front, the Public Authority for Manpower announced recently the start of its campaign to monitor and assist the labor force within the country. This comprehensive campaign focuses on several aspects, including the urgent need for timely payment of salaries to employees.
According to the authority, costs must be remitted to employees’ bank accounts before the March 15, 2025 deadline. Employers who neglect this responsibility could face serious legal repercussions, including financial penalties. This regulation includes provisions for improving workplace safety and healthcare, requiring businesses to implement adequate safety measures and provisioning of facilities, especially for organizations with more than 200 workers.
The Public Authority is also determined to monitor conditions closely to prevent the exploitation of workers and to avert the scam of fake accounts appearing on social media, which mislead employees seeking assistance. Within such efforts, companies are being urged to commit to strict compliance with health and safety regulations as well.
These developments highlight the Kuwaiti government’s dedicated stance on ensuring labor rights and the importance of maintaining the financial system's integrity. By working to guarantee workers’ welfare and the efficient operation of the banking system, Kuwait aims to usher its economy toward sustainable progress and stability.