Kuwait forex reserves rebound
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KUWAIT CITY, Aug 16: Kuwait’s cash reserve rose by the end of last July to 12.78 billion dinars, with an increase on a monthly basis of 0.32% and an increase of 41 million dinars during the month, compared to 12.74 billion dinars in the month of June, noting that the cash reserve reached its highest historical level in October last year when it reached 13.88 billion dinars, reports Al-Anba daily. The country’s foreign exchange reserves represent the total cash balances, accounts, bonds, certificates of deposit, treasury bills, and foreign currency deposits with the Central Bank of Kuwait. By calculating the liquid reserves, we find that they cover Kuwait’s import needs for more than 13 months, which is 4 times more than the global average, where the safe limit is that the liquid foreign exchange reserve, not counting gold, covers 3 months of the average value of imports.
As usual in all previous years, Kuwait’s gold reserves have not changed, which settled at 79 tons, according to the World Gold Reserve Council. The value of that amount of gold in Kuwait is 31.7 million dinars, according to prices at the time of purchase, not at the current market value.
According to the monthly bulletin of the Central Bank of Kuwait, the bank’s total assets amounted to 13.03 billion dinars, distributed among liquid foreign reserves, which represent the bulk of 12.78 billion dinars, in addition to gold reserves with a value of 31.74 million dinars and other reserves of 186.89 million dinars. Foreign assets measure the strength of the external financial position and the ability to resist pressures on the local currency.
The total value of securities and coins in July amounted to about 2.052 billion dinars, a decrease of 101 million dinars, or 4.7% from last June, which amounted to 2.153 billion dinars, divided into 2.021 billion dinars. 31.044 million dinars. The 20-dinar banknotes fell during the month of July to reach 1.172 billion dinars, compared to 1.211 billion dinars last June.
The value of the 10 dinars category also decreased by 45.48 million dinars, reaching at the end of July 648.56 million dinars, compared to 694.04 million dinars last June. The 5 dinars category also declined by 11.9 million dinars, reaching 113.02 million dinars at the end of last July, compared to 124.92 million dinars in June.
The one-dinar category also declined by 4.05 million dinars, reaching 61.81 million dinars at the end of last July, compared to 65.86 million dinars in June. The half-dinar category also declined by 500 thousand dinars, reaching 13.75 million dinars at the end of last July, compared to 14.25 million dinars last June.
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