Kuwait’s reserve assets hit lowest level since November
Annual increase noted in securities abroad
This news has been read 616 times!
KUWAIT CITY, March 11: Kuwait’s official reserve assets witnessed a 3.59% annual decline, amounting to 532 million dinars ($1.736 billion) by the end of January 2024, marking the lowest level since November, reports Al-Rai daily. According to monthly data from the Central Bank of Kuwait, the value of reserve assets in January stood at 14.279 billion dinars ($46.609 billion), down from 14.811 billion dinars ($48.345 billion) in the same period of 2023. Monthly statistics indicate a 2.33% decrease compared to December 2023, when reserves were at 14.62 billion dinars ($47.722 billion).
It’s worth noting that these reserves exclude external assets held by the General Investment Authority, which surged to $923.45 billion, up from $803 billion in July 2023. Official reserves encompass external assets under the control of monetary authorities, utilized to meet balance of payments financing needs or intervene in exchange markets. The annual performance was affected as foreign currency and deposits abroad dropped by 3.89% to 12.645 billion dinars in January 2024, compared to 13.157 billion dinars the previous year.
Special Drawing Rights (SDRs) declined by 1.12% to 1.325 billion dinars, whereas the reserve position with the International Monetary Fund decreased by 4.30% to 224.6 million dinars. The gold reserve remained stable at 31.7 million dinars, representing assets held by the Central Monetary Authority. Meanwhile, despite the monthly stability of securities abroad at 51.5 million dinars, there was an 8.65% annual increase from January 2023, when it stood at 47.4 million dinars.
This news has been read 616 times!
