30/09/2024
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30/09/2024
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KUWAIT CITY, Sept 30: In a significant move to improve statistical reporting, Basel Al-Haroun, the Governor of the Central Bank of Kuwait, announced the development of the bank’s monthly monetary statistical bulletin, effective with the issue from August. This initiative underscores the Central Bank’s commitment to refining its statistical databases and providing comprehensive data that adheres to international best practices.
In a press statement, Al-Haroun emphasized that the updates to the bulletin are part of the Central Bank’s ongoing efforts to enhance disclosure and transparency. By expanding the scope and ease of access to data, the bank aims to serve researchers and stakeholders better interested in the economic, banking, and financial landscape of Kuwait.
The enhancements include creating new tables and improvements to existing ones, with a particular focus on local banks. The bulletin now features detailed tables specific to local traditional and Islamic banks, breaking down assets and liabilities more comprehensively. Additionally, the credit facilities agreements have been reorganized into three separate tables -- residents, non-residents, and total -- while the total deposits have been similarly categorized. The latest data released by the Central Bank indicates a healthy increase in the financial sector.
Deposits in Kuwaiti banks saw a rise of 496 million dinars (1 percent) in August, bringing the total to approximately 49.978 billion dinars, compared to 49.482 billion dinars in July. This marks a significant annual increase of 2.4 billion dinars (5 percent) from 47.553 billion dinars in August 2023, attributed to rising interest rates. Private sector deposits also experienced a positive trend, increasing by 311 million dinars (1.1 percent) month-on-month to reach 36.843 billion dinars; in contrast, government deposits slightly declined by 47 million dinars (0.9 percent), totaling 5.083 billion dinars.
Regarding bank assets, the net assets rose by 588 million dinars (0.7 percent) to 88.583 billion dinars, while foreign assets increased by 1.5 percent to reach 13.6 billion dinars.
Overall, credit facilities for residents and non-residents grew by 39 million dinars (0.07 percent), totaling 55.376 billion dinars. The broad money supply (M2) also showed a healthy increase, rising by 0.8 percent to 40.2 billion dinars in August. However, time deposits at the Central Bank fell by 8.8 percent to one billion dinars, while cash credit facilities (loans) slightly increased by 0.1 percent. In terms of foreign reserves, Kuwait’s assets reached 14.4 billion dinars by the end of August.
While this figure reflects a 1.64 percent annual decline, it represents the highest level in three months, with a monthly increase of 1.27 percent compared to July. Al-Haroun reiterated the Central Bank’s commitment to enhancing transparency and facilitating access to accurate data, ensuring that all stakeholders can rely on the Central Bank as a key source of information on Kuwait’s economic and financial status.
By Mahmoud Shendi
Al-Seyassah/Arab Times Staff
