Kuwaiti banks experience mixed changes in ‘deposits and assets’
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KUWAIT CITY, April 14: On Sunday, the Central Bank of Kuwait revealed that the broad money supply (M2) experienced a 0.9 percent increase in February, reaching 39.2 billion Kuwaiti dinars (approximately $129.3 billion USD) on a monthly basis. According to statistical tables provided by the bank’s Economic Research Department, private sector deposits in local dinars rose by one percent to reach 35.8 billion dinars (approximately $118 billion USD) in the same month. Conversely, private sector deposits in foreign currencies decreased by 4.2 percent to 1.7 billion dinars (approximately $5.6 billion USD). Meanwhile, the total balances of local banks’ demands on the Central Bank, represented by Central Bank bonds in dinars, remained stable at 3.3 billion dinars (approximately $11 billion USD).
Furthermore, the total assets of local banks saw a 0.6 percent increase, reaching 87.6 billion dinars (approximately $289 billion USD). Additionally, the net foreign assets of local banks experienced a 0.5 percent increase, reaching 12.8 billion dinars (approximately $42 billion USD). Term deposits with the Central Bank remained steady at 1.2 billion dinars (approximately $3.9 billion USD), while cash credit facilities (loans) increased by one percent to 54.3 billion dinars (approximately $179 billion USD). In its report, the administration noted that the average interest rates on treasury bonds with a maturity of one year remained stable at 4.625 percent in February. However, financing for Kuwaiti imports decreased by 17.9 percent to 456 million dinars (approximately $1.5 billion USD). Additionally, the average exchange rate of the US dollar against the dinar increased by 0.1 percent to 307.8 fils. The money supply, in its narrow sense, encompasses paper and coin currencies used in daily transactions, as well as money deposited in banks in the form of current accounts or demand deposits. Conversely, the money supply in its broad sense includes term deposit accounts and savings accounts, in addition to current money.(KUNA)
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