Kuwaiti banks see 3.8% surge in foreign deposits
Foreign currency deposits rise by 7.1% annually
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KUWAIT CITY, Dec 19: During the initial ten months of 2023, local banks observed a noticeable surge in deposits with foreign banks, marking a 3.8 percent increase totaling 253 million dinars. The deposits grew from 6.614 billion dinars in December to 6.867 billion dinars in October. This upswing also displayed a substantial monthly leap of 20.7 percent, reaching approximately 1.178 billion dinars, compared to 5.688 billion dinars at the close of September.
Every year, there was a 16.7 percent increase, equivalent to 985.3 million dinars, compared to 5.881 billion dinars in October 2022. Conversely, foreign banks experienced a 4.6 percent uptick in deposits with local banks over the initial 10 months of 2023, amounting to 3.7 million dinars. This increase propelled the deposits from 5.041 billion dinars in December 2022 to 5.272 billion dinars in October. While there was a slight annual decrease of 0.7 percent (0.7 million dinars) from 5.3 billion dinars in October 2022, there was a monthly surge of 4.6 percent, totaling around 234 million dinars, compared to 5.038 billion dinars at the end of September. In the realm of foreign currencies, the private sector’s deposits in foreign currencies within local banks witnessed a 3.4 percent increase, totaling 60.2 million dinars, rising from 1.774 billion dinars in December 2022 to 1.834 billion dinars in October.
Every month, this marked a 10.1 percent increase, amounting to 168.5 million dinars, compared to 1.666 billion dinars in September. Annually, there was a 7.1 percent increase, equivalent to 122.7 million dinars, from 1.712 billion dinars in October 2022. Meanwhile, deposits exchanged in the local interbank market (interbank) increased by 0.34 percent over 10 months, reaching 6.4 million dinars from 1.867 billion dinars in December. This also represented an 8.3 percent monthly increase of about 144.1 million dinars, compared to 1.73 billion dinars in September. On an annual basis, there was a 6.4 percent rise, totaling 112.6 million dinars, compared to 1.76 billion dinars at the end of October 2022. The Central Bank of Kuwait remains committed to facilitating cash flows and maintaining the Kuwaiti dinar’s appeal as a lucrative and reliable savings option.
By Ahmad Fathi
Al-Seyassah/Arab Times Staff
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