Local banks’ private sector deposits increase to KD 35.1bn

KUWAIT CITY, Nov 8: Central Bank of Kuwait (CBK) announced Monday an increase in Broad Money Supply (M2) by about 0.1 percent last September to settle at KD 38.9 billion (USD 128.6 billion). Local banks’ private sector deposits increased by 0.2 percent last September to settle at KD 35.1 billion (USD 116.2 billion), said the CBK’s economic research department in a release to KUNA including statistical tables. It added, private sector deposits in foreign currency decreased by 1.2 percent to reach KD 2.032 billion (USD 6.72 billion), while total local banks claims on CBK represented by CBK bonds settled at KD 2.9 billion (USD 9.6 billion).

The bank clarified that total local banks’ assets rose by 0.6 percent to record KD 76 billion (USD 251 billion) indicating that Net Foreign Assets decreased by 3.1 percent to reach KD 5.79 billion (USD 19.1 billion). CBK mentioned that Time Deposits with CBK decreased last September by around two percent to reach KD 2.24 billion (USD 7.41 billion), whereas Balance of Utilized Cash Credit rose by one percent to reach KD 41.6 billion (USD 137.7 billion). It indicated that average Interest Rate on One Year Treasury Bonds settled at 1.375 percent while Financing of Kuwaiti Imports increased by 25.8 percent last August to reach KD 758 million (USD 2.5 billion), and US dollar exchange rate against Kuwaiti Dinar settled at 300 fils. Narrow Money Supply indicates total volume of money in circulation including notes, coins and operational money deposits, whereas Broad Money Supply includes time deposits and saving accounts as well as liquid money. (KUNA)