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Saturday , December 7 2019

Growth rate in consumer, housing loans increased to maximum: CBK

KUWAIT CITY, Aug 26: The Central Bank of Kuwait (CBK) said the growth rate in the consumer and housing loans portfolio after instructions to increase the maximum borrowing from December 2018 to June 2019 amounted to 1.9 percent, reports Annahar daily.

The sources explained these rates are lower than the rate achieved in the corresponding period which was 2.4 percent. The Central Bank said the total balance of consumer and housing loans in Kuwait after the application of the recent instructions to raise the maximum borrowing has increased from 12.78 billion dinars at the end of December 2018 to 13.023 billion dinars at the end of June 2019, an increase of 236.9 million dinars.

In response to a parliamentary question, a copy of which has been obtained by the daily, the Central Bank said the relative changes in the balance of consumer and housing loans to total credit facilities constituted 34.4 percent by the end of June 2019 compared to 34.2 percent in June 2018.

The CBK explained that raising the ceiling of the lending included in the new instructions issued in November 2018 was not a factor that would accelerate the automatic growth in the consumer and housing loan portfolio, taking into account the prudent regulatory controls contained in the instructions that make the growth in these loans linked to the actual needs of customers.

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