(Central Bank): Narrow Money Supply (M2) Decreased by 0.2 Percent in August to 42.7 Billion Dinars

Kuwait City, Sept 22 (KUNA) – The Central Bank of Kuwait announced on Tuesday that the broad money supply (M2) fell by 0.2 percent in August on a monthly basis, to stand at 42.7 billion Kuwaiti dinars (about $13.9 billion). The bank’s Economic Research Department said in statistical tables provided to KUNA that private sector deposits in local banks in Kuwaiti dinars remained unchanged on a monthly basis at 38.9 billion dinars (about $126.5 billion). It added that private sector deposits in local banks in foreign currencies declined by 0.6 percent to 2.2 billion dinars (about $7.3 billion). The department clarified that total assets of local banks rose by 0.4 percent to 104.7 billion dinars (about $341 billion), while net foreign assets of local banks increased by 0.4 percent to 17 billion dinars (about $55.3 billion). It noted that balances of monetary credit facilities used by residents and non-residents rose by 1.1 percent to 65.7 billion dinars (about $214 billion). It showed that financing of Kuwaiti imports fell by 43.7 percent in August to 284.5 million dinars (about $926.4 million), while time deposits at the Central Bank declined by 17.8 percent to 329 million dinars (about $1.1 billion). The department pointed out that the average exchange rate of the US dollar against the Kuwaiti dinar fell by 0.2 percent during August to 307.1 fils. (End) A.A.B./A.M.H.