The Central Bank of Kuwait issued data, which revealed that the volume of import financing from local banks during the first 9 months of the current year, amounted to 5.84 billion dinars.
Moreover, the Data revealed that dollar financing from local banks dominated import funding from the beginning of the year until September, accounting for 80% (4.67 billion dinars) of the total 5.84 billion dinars. Other currencies followed at 8.75% (511.8 million dinars), with the euro in third at 5.68% (332.3 million dinars).
Following the euro, Saudi riyal financing ranked fourth, comprising 2.11% (123.5 million dinars), followed by the UAE dirham at 2% (116.6 million dinars). The British pound accounted for 0.53% (31 million dinars), Japanese yen at 0.52% (30.7 million dinars), and finally Swiss franc at 0.38% (22.4 million dinars).
Furthermore, by payment type, the data showed that other payment orders held the largest share at 68.9% (4.02 billion dinars) of total financing, followed by documentary credits at 25.86% (1.51 billion dinars), and collection policies at 5.2% (303.8 million dinars).
September
On a monthly basis, import financing rose by 24.7% in September, increasing by 170.4 million dinars to reach 858.8 million dinars, up from 688.4 million dinars in August. However, on an annual basis, import financing fell by 5.8%, or 53.3 million dinars, from 912.1 million dinars in September 2023, to 858.8 million dinars this September.
In detail, local bank financing in September reached its highest monthly value beginning of 2024, at 858.8 million dinars; followed by July at 786.4 million dinars, and August came in third place at 688.4 million dinars.
April ranked fourth with 639.2 million dinars, followed by June with 634.1 million dinars, March with 632.4 million dinars, May with 592.1 million dinars, January with 555.6 million dinars, and February with the lowest at 456 million dinars.
