Kuwait government deposits soar by KD 914 million in 8 months of 2023

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KUWAIT CITY, Sept 23: During the initial eight months of this year, government deposits in local banks saw a notable upswing, surging by 914 million dinars. As of August’s conclusion, these deposits reached a total of 4.35 billion dinars, a substantial rise from the 3.354 billion dinars reported in December 2022. Concurrently, the Central Bank’s monthly data indicated a decrease in overall bank deposits.

In August, local revenues amounted to approximately 46 million dinars, bringing the total to 47.553 billion dinars. This figure, while slightly lower than the 47.599 billion dinars reported in July, reflects the financial landscape.

Kuwait’s official reserve assets, as per statistics, witnessed an impressive increase of 557 million dinars, constituting a 3.93% growth, culminating in a total of 14.73 billion dinars by the end of August 2023. This is in contrast to the 14.182 billion dinars recorded during the same month the previous year.

It’s noteworthy that the aggregate assets of local banks swelled to 84.5 billion dinars, a notable uptick from the 81.9 billion dinars reported at the close of August 2022. Meanwhile, the amount owed by the government to these banks dwindled from 613 million dinars in August 2022 to 419 million dinars, and the banks’ obligations to institutions also decreased from 3.75 billion dinars to 3.6 billion dinars.

As for credit facilities extended by local banks to residents and non-residents, they stood at approximately 1.2 billion dinars on an annual basis by the end of last August, reaching a total of 52.10 billion dinars. This marks a slight increase compared to the 51.43 billion dinars recorded in the same month in 2022. Moreover, personal facilities grew by 10 million dinars, reaching 18.64 billion dinars at the close of the previous month, up from 18.54 billion dinars in July.

By Ahmad Fathi
Al-Seyassah Staff

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