Kuwaiti import financing surges by 34.8% monthly

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KUWAIT CITY, Feb 15: There is a significant growth in financing provided to Kuwaiti imports from local banks, with a notable increase of 34.8 percent every month. The total financing reached approximately 211.7 million dinars by the end of December, rising from 607.4 million dinars at the end of November to 819.1 million dinars. The majority of import financing, accounting for 84.9 percent, was provided in US dollars, indicating a strong reliance on this currency for trade transactions. According to a report dollar financing saw a significant increase of 25.3 percent during 2023, totaling 8.849 billion dinars compared to 7.059 billion dinars in 2022.

Other currencies also contributed to import financing, with financing in euros accounting for 4.3 percent of the total; financing in Euros increased by 38.8 percent every month, reaching 42.9 million dinars in December; however, financing in Euros decreased by 0.95 percent during 2023, totaling 456.5 million dinars. Additionally, financing in UAE dirhams increased by 15.4 percent, financing in Saudi riyals increased by 72.3 percent, financing in Japanese yen grew by 24 percent, and financing in British pounds increased by 7.9 percent. Overall, the data reflects a strong growth trend in import financing, with the majority of financing being conducted in US dollars, followed by other currencies contributing to a smaller percentage of the total.

By Ahmad Fathi
Al-Seyassah/Arab Times Staff

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