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Kuwait M2 surges 0.9% in June

KUWAIT CITY, Aug 11, (KUNA): Kuwait’s Money Supply (M2) surged to KD 34,305.3 million, up 0.9 percent mo§nth-on-month, announced Monday the Central Bank of Kuwait. In its monthly bulletin, the CBK’s Economic Research Department stated that the local banks combined assets also rose in June by 0.9 percent to KD 54,905. 5 million. The CBK’s data also showed that the private sector’s deposits in the Kuwaiti dinar at local banks dropped by 0.2 percent to KD 2,936.9 million, while deposits in foreign currencies fell by 0.6 percent to KD 3,044.1 million.

Local banks’ claims on the CBK, represented in bonds, remained unchanged at KD 1,950 million in June, it added. Local banks’ net foreign assets surged by 6.6 percent to KD 7,493.1 million, while time deposits with the CBK nosedived by 14.7 percent to KD 2, 903.1 million in June, the CBK figures indicated. Meanwhile, non-resident deposits in the dinar rose by 5.8 percent to KD 740. 2 million, while such deposits in foreign currencies swelled by 1.2 percent to KD 2,990.4 million. The balance of utilised cash credit facilities to residents went up by 1.6 percent month-on-month to KD 30,236.9 million, while average interest rates on one-year treasury bonds stood at 1.0 percent, the CBK figures added. Kuwait’s financing of imports dropped June by about 16.4 percent, reaching KD 783.8 million, while the average exchange rate of the US dollar dropped 0.3 percent to 281.96 fils. 

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