(Central Bank): Broad Money Supply (M2) rose by 0.2 percent in July to 42.8 billion dinars

Kuwait City, Aug 26 (KUNA) – The Central Bank of Kuwait announced on Wednesday that the broad money supply (M2) rose by 0.2 percent in July on a monthly basis, reaching 42.8 billion Kuwaiti dinars (approximately 141.2 billion US dollars). The bank’s Economic Research Department stated in statistical tables provided to KUNA that private sector deposits in local banks in dinars increased by 0.3 percent in July to reach 38.8 billion dinars (approximately 128.2 billion US dollars). It added that private sector deposits in local banks in foreign currencies rose by 1.3 percent to reach 2.3 billion dinars (approximately 7.4 billion US dollars). The department clarified that total assets of local banks declined by 0.1 percent in July to 104.3 billion dinars (approximately 344 billion US dollars), while net foreign assets of local banks increased by 0.3 percent to 16.9 billion dinars (approximately 55.2 billion US dollars). It noted that time deposits with the Central Bank remained stable in July at 400 million dinars (approximately 1.3 billion US dollars), while balances of monetary credit facilities (loans) rose by 0.2 percent to 65 billion dinars (approximately 214 billion US dollars). The department indicated that financing of Kuwaiti imports surged by 94.5 percent in July to 505.6 million dinars (approximately 1.6 billion US dollars), while the average exchange rate of the US dollar against the dinar in the said month increased by 0.2 percent to 307.8 fils. (End) F.N.K./H.A.