Kuwait’s money supply up 0.1%
Kuwait’s money supply up 0.1%

Kuwait’s money supply up 0.1%

KUWAIT: Figures released by the Central Bank of Kuwait on Tuesday showed that the general money supply (N2) increased by 0.1% in July (monthly) to about KD 41.7 billion ($137.6 billion). The Bank’s Economic Research Department said in statistical tables to KUNA that private sector deposits at local banks fell 0.2 percent in July to KD 37.1 billion ($122.4 billion). It added that private sector foreign currency deposits rose 7.6 percent to KD 2.8 billion ($9.2 billion).

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In contrast, total balances of local banks’ claims on the Central Bank in KD, represented by bonds, stabilized at KD 3 billion ($9.9 billion). However, total assets of local banks fell 0.4% to KD 81.5 billion ($268.9 billion). In comparison, regional banks’ net foreign assets rose 9.4 percent to KD 6.2 billion ($20.4 billion). It said time deposits at CBK rose by about 18.8 percent last July to KD 3.8 billion ($12.5 billion) and cash credit facility balances (loans) increased by 0.3% to reach KD 44.8 billion ($147.8 billion).

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Average one-year Treasury bond interest rates rose last July to three percent from 2.750 percent last June, while Kuwait’s import financing fell 36 percent in July past, reaching KD 452 million (USD 1.4 billion). The average exchange rate of the US dollar against the dinar increased last July by 0.3 percent to 307.1 fils. – KUNA

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