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KUWAIT CITY, March 14: The credit granted by Kuwaiti banks saw a monthly increase last January which reach 42.71 billion dinars at the end of the month, an increase of 1%, which means that the total loans granted by the Kuwaiti banking sector during the first month of 2022 was about 428 million dinars, compared to its levels by the end of last December which was 42.28 billion dinars, reports Al-Anba daily. According to the Central Bank of Kuwait data for January 2022, the credit granted by the banking sector increased annually by 7 percent, compared to the end of January 2021, during which it recorded 39.9 billion dinars. In terms of personal facilities granted by local banks during last January, consumer loans spent to purchase durable goods and cars witnessed a monthly decline of 0.37%, with a value of 7 million dinars, to reach 1.83 billion dinars at the end of last January, compared to 1.84 billion dinars at the end of December 2021.
However, it recorded a significant annual growth of 14.16 percent compared to January 2021, which was 1.61 billion dinars. With regard to the installment loans granted to Kuwaitis for the purpose of repairing or purchasing private housing, they rose by more than 0.76% at the end of last January to record a level of 14.5 billion dinars, compared to 14.39 billion dinars last December. It also recorded a strong annual growth of 13.35% compared to January levels from last year which amounted to 12.79 billion dinars. While loans used to purchase securities decreased by 1.5% per month, to record a level of 2.77 billion dinars during last January, compared to 2.81 billion dinars last December, while it recorded an annual increase of 11.2% compared to its levels in January 2021 which was 2.490 billion dinars.
The oil and gas sector witnessed a monthly increase of 2.99% to record 2.2 billion dinars last January, compared to 2.14 billion dinars last December. It also recorded an annual increase of 14.7% compared to the levels of January 2021, which was 1.92 billion dinars. The deposits of the banking sector witnessed a slight increase of 1.63% to reach 45.29 billion dinars last January, compared to recording a level of 44.56 billion dinars at the end of last December, which means local banks attracted new deposits worth 729 million dinars during last January.
This increase comes in the volume of Kuwaiti banking sector deposits last January, supported by a 2% increase in private sector deposits (744 million dinars) to reach a level of 37.9 billion dinars at the end of last January, compared to 37.1 billion dinars at the end of December 2021. At the level of the private sector, deposits in Kuwaiti dinars increased by 1.46% per month during January to reach 35.48 billion dinars at the end of the month after the private sector pumped 514 million dinars in deposits, while deposits of the private sector in Kuwaiti dinars rose annually to 476 million dinars from January levels from last year, amounting to 35 billion dinars, or 1.35%. During January, private sector deposits in foreign currencies rose by 10.3% to reach the level of 2.45 billion dinars at the end of January. Also, private sector deposits in foreign currencies increased on an annual basis during last January by 15.9%, an increase of 337 million dinars over January 2021, which was 2.11 billion dinars.