The final crash came in August 1982. This was when a dealer presented a post dated check from a young passport Office. The employee’s name was Jesse al-Matawan and the unexpected happened; the check bounced. There were so many cards that collapsed in the process.
In September 1982, the Kuwaiti Ministry of Finance demanded that all dubious checks be turned in for clearance. Souk Al-Manakh was ordered to be shut down. When investigation was carried out, the value of worthless outstanding checks turned out to be equivalent of 94 billion US dollars from some 6000 investors. Kuwait’s economy was severely affected because of this and the financial sector badly shaken. (Kuwait Crisis)
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