Money supply drops by 0.6 percent to KD 38.9 bln in December

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KUWAIT CITY, Feb 6 : Central Bank of Kuwait (CBK) announced on Sunday that the broad money supply (M2) dropped by 0.6 percent last December to settle at KD 38.9 billion (USD 128 billion). Local banks’ private sector deposits decreased by 1.9 percent to settle at KD 2.2 billion (USD 7.4 billion), said the CBK’s economic research department in a release to KUNA, including statistical tables.

Private sector deposits in foreign currency decreased by 1.9 percent to reach KD 2.2 billion (USD 7.4 billion), while total local banks claims on CBK represented by CBK bonds settled at KD 2.9 billion (USD 9.6 billion). Total local banks’ assets rose by 0.8 percent to record KD 77 billion (USD 245 billion), while the net foreign assets increased by 1.6 percent to reach KD six billion (USD 19.8 billion).

Meanwhile, time deposits with CBK decreased last December by around 9.7 percent to reach KD 2.9 billion (USD 9.4 billion), whereas balance of utilized cash credit rose by 0.4 percent to reach KD 42 billion (USD 138.6 billion). Average interest rate on one-year treasury bonds settled at 1.375 percent while financing of Kuwaiti imports decreased by 26.9 percent last December to reach KD 539 million (USD 1.7 billion), and US dollar exchange rate against Kuwaiti dinar settled at 302 fils. Narrow money supply indicates total volume of money in circulation including notes, coins and operational money deposits, whereas the broad money supply includes time deposits and saving accounts as well as liquid money. (KUNA)

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