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Expats deposits increase 2.4 percent
August 9, 2017, 8:55 am

The Central Bank of Kuwait (CBK) has affirmed strength of the country’s financial status, disclosing that deposits of expatriates in local banks increased by 2.4 percent by the end of the last fiscal year — around KD 42 billion, reports Al-Seyassah daily.

Central Bank Governor Dr Mohammad Al-Hashel presented a report on major banking and financial developments for fiscal 2016/2017 ending on 31 March, 2017. He highlighted the most important indices and achievements related to currency including the exchange rate, interest rate, banking credit, debit tools and inflation. While handing over a copy of the 45th annual report of the bank to His Highness the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah, Al-Hashel said the bank decided in fiscal 2016/2017 to increase the rate of deduction twice (December 2016 and March 2017) by 0.25 percent to become 2.75 percent.

He explained the decision was in line with domestic banking, fiscal and economic developments, while considering trends of interest rates on major currencies globally. He said the average exchange rate of the US dollar to Kuwaiti dinar reached 303.09 fils compared with 303.18 fils in the previous year.

The report revealed a 2.4 percent increase in deposits of expatriates in local banks such that the total amount deposited by end of the last fiscal year rose to KD 41.944 billion (equivalent to $137.2 billion) compared to KD 40.942 billion (equivalent to $133.8 billion) by the end of the previous year. On fiscal and banking growth rates, he revealed the money offer known as ‘2N’ rose by 0.7 percent within the last fiscal year such that financial transactions by the end of the year reached about KD 1,645.9 million (equivalent to $4,401 million).

This is an increase of 11.1 percent, amounting to KD 164.2 million (equivalent of $536.9 million), compared to KD 1,481.7 million (equivalent of $4,401.1 million) at the end of fiscal 2015/2016. He continued to that the fiscal aspect used for credit facilities offered by local banks to other local economic sectors increased by 3.6 percent to become KD 34,887.6 million ($114 billion) at the end of fiscal 2016/2017, compared to KD 33,689.4 million (equivalent to $110.1 billion) by the end of the previous fiscal year.

Source: Arab Times

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