Increase seen in Kuwait’s cash reserve with IMF
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KUWAIT CITY, Sept 1: Kuwait’s cash reserve with the International Monetary Fund (IMF) increased to a new record level of KD 233.9 million in June from KD 211.9 million in May. This is an increase of KD 22 million, or 10.38 percent, according to the data issued by the Central Bank of Kuwait for June 2021, reports Al-Anba daily.
On an annual level, the volume of Kuwaiti reserves deposited with the IMF at the end of June 2021 increased by 9.2 percent or KD 19.7 million, compared to KD 214.2 million in June 2020. The reserve position in the IMF consists of the reserve bracket, i.e., the amount of foreign currency that a member country may withdraw from the IMF within a short period, and a debt to the IMF (according to a loan agreement) in the account of public resources, which are at the disposal of the member country, including the lending of the reporting country to the IMF under the General Agreements to Borrow, the New Arrangements to Borrow. Claims on the fund drawn up in Special Drawing Rights (SDRs) are foreign currency claims.
The volume of SDRs amounted to about KD 573.4 million during the month of June, which was the same in May, April and March. The total foreign currency and deposits abroad reduced at the end of June, reaching KD 12.84 billion, which is an increase of 1.6 percent compared to KD 13.06 billion during the month of May. What is meant by deposits here are deposits available on demand, which are deposits available with foreign central banks, the Bank for International Settlements, and other banks. The currency also consists of paper money and coins in circulation of foreign currencies and generally used to make payments, with the exception of commemorative coins.
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