KUWAIT CITY, March 24: Local banks’ financing for the public services sector for citizens and residents saw a significant increase of KD 94.3 million, or 341.6 percent, in January 2024. This amounted to KD 122 million, compared to KD 27.6 million in December 2023 every month. Financing increased by 215.8 percent year-on-year, or KD 83.3 million, compared to KD 38.6 million in January 2024. Total financing for the public services sector in 2024 reached approximately KD 478.6 million.
According to monthly statistics from the Central Bank of Kuwait, the accumulated balance of financing for the public services sector provided by local banks increased by six percent or KD 47.1 million in January 2024. This brought the total to KD 823.5 million, compared to KD 776.4 million in December 2023. The balance also saw a year-on-year increase of KD 325.4 million, or 65.3 percent, compared to KD 498.1 million in January 2024. Data from the Central Bank of Kuwait revealed that deposits in local banks increased by KD 648 million, or 1.2 percent in January 2024, reaching KD 53.823 billion, compared to KD 53.175 billion in December 2024. Government deposits declined by KD 100 million or 1.9 percent, reaching KD 4.983 billion, compared to KD 5.083 billion in December 2024. Private sector deposits increased by KD 176 million or 0.4 percent, to KD 37.776 billion in January, compared to KD 37.6 billion in December 2024.
Credit facilities increased by KD 111 million in January 2025, reaching KD 57.287 billion, compared to KD 57.176 billion in December 2024. Data indicated that private sector deposits in foreign currencies decreased by two percent to KD 1.8 billion (approximately $5.9 billion). The total balance of local banks’ claims on the Central Bank of Kuwait in dinars, represented by Central Bank of Kuwait’s bonds, decreased by approximately 2.8 percent to KD 1.3 billion (approximately $4.3 billion). The total assets of local banks decreased by 0.1 percent in January to KD 91.5 billion (approximately $301.9 billion). Net foreign assets at local banks rose by 1.8 percent to KD 15.4 billion (approximately $50.8 billion). Defined term deposits at the Central Bank of Kuwait decreased by 5.4 percent to KD 700 million (approximately $2.3 billion) in January. Cash credit facilities (loans) rose by 0.2 percent to KD 57.2 billion (approximately $188.7 billion).
By Mahmoud Shendi
Al-Seyassah/Arab Times Staff
