The Central Bank of Kuwait continues the activities of the banking awareness campaign “Let’s Be Aware” that was launched last January in cooperation with the Federation of Kuwait Banks, where it launched an awareness advertisement explaining how to invest in safe ways and methods of protecting banking and personal data of customers, as a way to contribute to raising awareness of bank customers of their rights.
The bank stated that the campaign stems from the Central Bank’s keenness to enhance the financial culture of various segments of society, and within the framework of its directives towards expanding and strengthening the role of the Kuwaiti banking sector in social responsibility, and with the aim of spreading financial culture to the widest segment of society, and raising public awareness of the sector’s role and how to make optimal use of the various services offered by banks.
The Central Bank affirmed its constant keenness to direct Kuwaiti banks towards encouraging customers to save, and to explain the various investment and savings services and products that help manage investments and increase returns, such as investment deposits, savings accounts and investment funds, with an explanation of the difference between them and the degree of risks, if any, to help customers make a decision. Making them aware of the importance of planning and preparing for the different needs of the future and facing any requirements such as children’s education, retirement, or other things.
The Central Bank pointed out that investments vary according to the degree of risks involved, and that there are high-risk investments that are promoted through promises of high and quick profits, including those investments that are not subject to a regulatory authority that regulates their work and sets laws that guarantee protection for the investor, and examples of which are Virtual assets such as “Bitcoin” are not subject to the control of any institution, whether at the national or global level, which may make it a way to engage in many illegal activities.
He stated that speculation in what is known as “Forex” is among the high-risk investments, and the term “Forex” is an abbreviated form of “Foreign Exchange”, and therefore it is a commercial process for the exchange of foreign currencies, which is carried out through electronic applications that operate within a global currency exchange market, and although the exchange of Currency is often done for reasons related to travel, import, export and others, but there are those who speculate in this market with the aim of making profits as a result of changing currency rates, and many frauds are expected by speculators through fake sites, so it is in addition to the risks of investing in In this aspect there are risks related to the reliability of these sites.
The Central Bank stressed that those who wish to invest should be well aware of the extent of the investment risks that they accept and have close knowledge of the field in which they wish to invest, with the importance of not entering into investments with unreliable parties to avoid falling prey to financial fraud.
He stated that the awareness materials provided by the campaign are published through many channels, most notably the accounts of the Central Bank and Kuwaiti banks on social media platforms. More information about the banking awareness campaign “Let’s Be Aware” and its objectives, introductory materials and other information can be found Visit the campaign website.