KUWAIT CITY, Sept 23: In the first seven months of 2024, financial institutions in Kuwait (excluding banks) borrowed approximately 708 million dinars from local banks, reports Al-Seyassah daily. However, last July data revealed a decline in financing, as banks provided only 82.5 million dinars to these institutions, a drop of 22.9 million dinars or 21.7 percent compared to June’s 105.4 million dinars. On an annual basis, financing also decreased by 13.3 million dinars, or 13.8 percent, from 95.8 million dinars in July 2023. The financing trends over the first half of the year showed varying amounts -- January saw 165.6 million dinars, February 165 million dinars, March 69.8 million dinars, April 58 million dinars, May 61.5 million dinars nd June rebounded to 105.4 million dinars.

Despite the monthly decline in July, the total accumulated balance of financing provided to financial institutions increased by 0.7 percent, rising by 18 million dinars from 2.365 billion dinars in June to 2.383 billion dinars in July.

Year-on-year, this balance saw a significant rise of 21.7 percent, equating to an increase of 425 million dinars from 1.958 billion dinars in July 2023. The consumer loans granted in Kuwait also experienced growth during the same period, increasing by 59 million dinars or 3 percent, reaching a total of 2.03 billion dinars by the end of July, up from 1.97 billion dinars at the close of December 2023.