Monday, 27 October 2008

Gulf of credibility

New reports of bank runs in the Gulf state of Oman:

Gulf Bank Customers Withdraw Deposits After Losses

In the first signs of a bank run in the Persian Gulf, some Gulf Bank depositors panicked and demanded their money, Fawzy al- Thunayan, general manager for board affairs, said in an interview today from Kuwait. ``We can't blame them,'' he said.

Khalid Al-Matrook, a 33-year-old civil engineer, was among customers standing outside Gulf Bank's head office in Kuwait City today. He said he was frightened by yesterday's news of the currency defaults.

``I am withdrawing my 12,000 dinars now and I am not going to spend one penny of it,'' said Al Matrook, sipping coffee outside the bank building.

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