Central Bank: Money supply rises 0.2% to KD 42.8 billion in July

The Central Bank of Kuwait announced on Wednesday that broad money supply (M2) rose by 0.2 percent in July on a monthly basis, reaching 4.28 billion Kuwaiti dinars (approximately $14.12 billion US dollars).

The bank’s Economic Research Department stated in statistical tables provided to the Kuwait News Agency (KUNA) that private sector deposits in local banks in Kuwaiti dinars increased by 0.3 percent in July, reaching 3.88 billion dinars (approximately $12.82 billion US dollars).

It added that private sector deposits in local banks in foreign currencies rose by 1.3 percent, reaching 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 10.43 billion dinars (approximately $34.4 billion US dollars), while net foreign assets of local banks increased by 0.3 percent to 1.69 billion dinars (approximately $5.52 billion US dollars).

It reported that time deposits at 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 6.5 billion dinars (approximately $21.4 billion US dollars).

The administration indicated that financing for 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 mentioned month increased by 0.2 percent to 307.8 fils.