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Saturday , October 1 2022

Kuwait’s IMF balance rise to 236.5 million dinars, highest in history

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KUWAIT CITY, Sept 30: Kuwait’s cash reserve with the International Monetary Fund rose last July to 236.5 million dinars, a new record high, up from the level of last June of 233.9 million dinars, by 2.6 million dinars, or 1.1%, according to the Central Bank of Kuwait data for the month of July 2021, reports Al- Anba daily. On an annual level, the volume of Kuwaiti reserves deposited with the International Monetary Fund at the end of last July increased by 10.4%, with a value of 22.3 million dinars, compared to their levels of 214.2 million dinars at the end of July of 2020.

The reserve position in the International Monetary Fund consists of the reserve bracket, that is, the amounts of foreign currency that a member country may withdraw from the International Monetary Fund within a short period, and a debt to the International Monetary Fund (according to a loan agreement) in the account of public resources, which are at the disposal of the member country, including the reporting country’s lending to the IMF under the General Agreements to Borrow, the New Arrangements to Borrow, and claims on the Fund released in special drawing rights (SDRs) are foreign currency.

The volume of SDRs was about 573.4 million dinars during July, the levels for the past four months remained unchanged since last March on the basis of the proportions of their shares in the fund. While the total foreign currency and deposits abroad declined by the end of July to reach 12.343 billion dinars, a decline of 3.9% compared to 12.845 billion dinars during June. 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 the other banks. The currency also consists of paper money and coins in circulation from foreign currencies and generally used to make payments, with the exception of commemorative coins.

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