Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Kuwaiti Banks Elevate Non-Resident Credit To 4.17 Billion Dinars By End Of January
Data released by the Central Bank of Kuwait highlights a notable surge in credit facilities extended by local banks to non-resident customers, showcasing an annual growth rate of 18.4%. As of January 2024, these facilities reached approximately 4.17 billion dinars, indicating a substantial increase from 3.52 billion dinars recorded in January 2023, amounting to a net growth of 649.3 million dinars.
These credit facilities, specifically tailored for foreign individuals not residing in Kuwait, underscore the burgeoning confidence in the Kuwaiti banking sector. They are bifurcated into two segments: one totaling four billion dinars and the other denominated in dinars, amounting to 105.7 million dinars. These figures are closely monitored as part of the banks' foreign assets portfolio.
At the domestic level, encompassing the operations of local banks and their branches within Kuwait, data from the Central Bank reveals that total foreign assets held by local banks stood at 25.14 billion dinars by the end of January 2024. This marks a significant increase from the 22.9 billion dinars reported in January 2023, reflecting an annual growth rate of 9.7% and a net surge of 2.2 billion dinars.
Foreign assets of local banks encompass a spectrum of financial instruments including deposits with foreign banks, loans to foreign banks, credit facilities to non-residents, foreign investments, and other assets.
As of January 2024, deposits in foreign banks amounted to 6.7 billion dinars, showing a slight decrease from the 6.88 billion dinars recorded in January 2023, translating to a 2.6% reduction.
Loans to foreign banks witnessed an increase, reaching 2.15 billion dinars in January 2024 compared to 1.99 billion dinars in January 2023, marking an 8% rise.
Foreign investments surged to 10.5 billion dinars by the end of January 2024, up from 9.2 billion dinars in January of the preceding year, reflecting a 14.1% increase and a net rise of 1.28 billion dinars within the span of a year.
Additionally, other foreign assets held by banks saw growth from 1.45 billion dinars in January 2023 to 1.68 billion dinars by the end of January 2024, representing a 15.8% annual increase and a net addition of 225.5 million dinars.
On the front of foreign liabilities borne by local banks, data from the Central Bank indicates a total of 12.38 billion dinars by the end of January 2024, compared to 12.8 billion dinars in the previous year, marking a decrease of 3.2%, equivalent to 442 million dinars.
Foreign liabilities are categorized into deposits from non-residents, loans from foreign banks, and other liabilities.
Deposits from non-residents, totaling approximately 9.1 billion dinars by January 2024, experienced a decline from 9.8 billion dinars in January 2023, resulting in a net decrease of 700 million dinars.
Meanwhile, loans from foreign banks surged to 1.3 billion dinars by January 2024, marking a 20% increase from 1.09 billion dinars in January 2023. Other liabilities were recorded at 1.9 billion dinars.
In total, net foreign assets soared to 12.7 billion dinars by the end of January 2024, reflecting a remarkable 27% increase compared to 10 billion dinars in January 2023.
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment