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Kuwait’s money supply rose 1.4% in September

Total local banks assets up 1.1%

KUWAIT CITY, Nov 7, (KUNA): Money supply (M2) rose 1.4 percent in September on monthly basis recording KD 38 billion (USD 125.5 billion), the Central Bank of Kuwait (CBK) said on Thursday.

The CBK economic research department reported that deposits in the Kuwaiti dinar by the private sector in the local banks climbed, in September, to KD 33.7 billion (USD 111 billion). Those of foreign currencies climbed 7.7 percent reaching KD 2.7 billion (USD 8.9 billion), where this sector overall deposits amounted to KD 36.4 billion (USD 120 billion). Local banks’ claims on the CBK in the Kuwaiti dinar, represented by the CBK bonds, also in September, settled at KD 2.9 billion (USD 9.5 billion). Total local banks assets increased 1.1 percent, reaching USD 6.9 billion (USD 22.7 billion).

Net foreign (currencies) assets in the domestic banks climbed 0.5 percent to KD 7.9 billion (USD 26 billion), while time deposits with the CBK rose by 24 percent, reaching KD 1.8 billion (USD 5.9 billion). Residents’ private sector deposits, in September, rose by 0.6 percent, as compared to the August level, posting KD 38 billion (USD 125 billion).

Meanwhile, average interest rates on treasury bonds of one-year maturity settled at 3.25 percent. Financing of Kuwaiti imports jumped in September 23.8 percent. Meantime, average USD rate against the KD steadied, at 303.5 fils per USD.

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