Kuwaiti Imports Funding Rise To USD 1.8 Billion In June
Financing Kuwaiti imports jumped in June to KD 570 million (USD 1.8 billion) increasing by 92.9 percent as compared to May, according to statistics released by the Central Bank of Kuwait on Thursday.
The CBK department of economic research said in the report that the money supply (M2) rose one percent in June, reaching KD 40.7 billion (USD 134 billion). Deposits of the private sector in the local banks in Kuwaiti dinars climbed one percent in June reaching KD 34.9 billion (some USD 115 billion), while the private sector’s deposits in foreign currencies jumped by 15 percent, reaching KD 2.3 billion (USD 7.5 billion).
Total local banks’ claims on the CBK, in the dinar in the form of the central bank bonds, settled at KD 2.9 billion (USD 9.6 billion) while interest rate on one-year treasury bonds settled at 1.375 percent. Meanwhile, local banks’ total assets rose by 1.1 percent recording KD 74.9 billion (USD 247 billion), according to the CBK statistical report, which also noted that the net foreign assets rose by 3.1 percent, reaching KD 5.8 billion (USD 19 BILLION). Time deposits with the CBK jumped by 12.5 percent in June, reaching KD 2.1 billion (USD 6.9 billion), while cash credit facilities rose by one percent reaching KD 40.7 billion (USD 134 billion). Average USD rate against the KD settled in June at the level recorded in May, amounting to 300 fils.