Central Bank: Local banks' assets rose to KD 10.47 billion in August
Kuwait Central Bank announced an increase in local banks' assets and a decrease in money supply in August, with private sector deposits remaining stable.
Translated by Qiyas from الجريدة — Original source
The Central Bank of Kuwait announced on Tuesday that the broad money supply (N2) fell by 0.2% in August on a monthly basis, reaching 4.27 billion dinars (approximately $13.9 billion).
The bank’s Economic Research Department stated in statistical tables provided to KUNA that private sector deposits in local banks in dinars remained flat on a monthly basis at 3.89 billion dinars (approximately $12.65 billion).
It added that private sector deposits in local banks in foreign currencies declined by 0.6% to 2.2 billion dinars (approximately $7.3 billion).
The department clarified that total assets of local banks rose by 0.4% to 10.47 billion dinars (approximately $34.1 billion), while net foreign assets of local banks increased by 0.4% to 1.7 billion dinars (approximately $5.53 billion).
It reported that balances of cash credit facilities used by residents and non-residents rose by 1.1% to 6.57 billion dinars (approximately $21.4 billion).
It noted that financing for Kuwaiti imports fell by 43.7% in August to 284.5 million dinars (approximately $926.4 million), while time deposits at the Central Bank declined by 17.8% to 329 million dinars (approximately $1.1 billion).
The department indicated that the average exchange rate of the US dollar against the Kuwaiti dinar decreased by 0.2% during August to 307.1 fils.
