Kuwait’s money supply in May rises by 0.5 pct – Private sector deposits rise

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KUWAIT CITY, July 13, (Agencies): The Central Bank of Kuwait (CBK) on Thursday said that money supply (M2) in May was KD 36.5 billion (about USD 120 billion) up by 0.5 percent compared to April.

The CBK’s economic research department added in statistical data obtained by KUNA that the private sector deposits in local banks increased by 0.8 percent in May 2017 to KD 32 billion (about USD 105.6 billion).

However, foreign assets were down in May by 8.1 percent to KD 2.4 billion (about USD 7.8 billion), thus the private sector total deposits of KD 34.7 billion (about USD 114.5 billion).

Meanwhile, local banks claims on the CBK, according to the statistical data, rose in May by 4.4 percent to KD three billion (about USD 9.8 billion). Local banks’ assets also rose by 0.9 percent to KD 61 billion (about USD 201 billion).

Foreign assets at local banks fell by 1.3 percent in May to KD 7.6 billion (about USD 22 billion).

Total assets at the CBK, according to the data, went down by 2.8 percent in May to KD nine billion (USD 29 billion), and foreign assets were also down by 2.8 percent to KD 9.3 billion (about USD 30.6 billion).

Meanwhile, Kuwait’s central bank released the following May money supply and bank lending data.

Kuwait money supply  May 17    Apr 17     May 16

M1 change yr/yr (pct)  9.8  7.3   -0.7

M2 change yr/yr        0.5  0.9   2.0

M2-M1 pct change yr/yr     -2.9   -1.4        2.9

Bank priv. sector claims yr/yr      4.4         4.0           6.5

Kuwait central bank foreign assets

bln dinars   9.243        9.521        9.413

change yr/yr (pct)  -1.8 2.4   3.2

Note: Percentage changes are Reuters calculations based on official data.

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