The Central Bank of Kuwait reported that the balance of foreign exchange reserves reached approximately 12.52 billion dinars at the end of October, compared to 12.85 billion dinars at the end of September. This indicated a decrease of 2.5%, or 324 million dinars.
The data revealed that, since the beginning of 2024, the foreign exchange reserves, which stood at 12.52 billion dinars in October, have decreased by 3.5%, or 460 million dinars, compared to December 2023, when the reserves amounted to 12.98 billion dinars.
The country’s foreign exchange reserves include total cash balances, accounts, bonds, certificates of deposit, treasury bills, and foreign currency deposits held with the Central Bank of Kuwait.
The data indicated that Kuwait’s gold reserves remained unchanged, as in previous years, stabilizing at 79 tons, according to the World Gold Reserve Council. The book value of this gold in Kuwait was recorded at 31.7 million dinars, which is based on the purchase prices at the time, rather than the current market value.
Total Assets
According to the monthly bulletin, the bank’s total assets declined to 12.866 billion dinars in October, compared to 13.151 billion dinars in September, thereby indicating a decrease of 2.17%, or 285 million dinars.
Total assets have decreased by 460 million dinars, or 3.5%, since the beginning of the year, reaching 12.86 billion dinars by the end of October, compared to 13.32 billion dinars at the end of December 2023.
The data indicated an increase in other assets in October, reaching 308.7 million dinars, compared to 269.9 million dinars at the end of September. This pointed towards a growth of 14.37%, or 38.8 million dinars.
Foreign assets reflect a country’s external financial strength and its ability to support the local currency during external pressures.
