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Banks finance imports with 8.13 billion dinars in 2024

The Central Bank of Kuwait data showed that local banks financed Kuwaiti imports totaling 8.13 billion dinars in 2024. This figure highlights the significant role local banks play in supporting the country’s import sector.

On a monthly basis, import financing surged by 50.6%, increasing by 306.2 million dinars to reach 910.8 million dinars by the end of December, compared to 604.6 million dinars in November.

In December, the value of import financing also rose by 11.2% on an annual basis, increasing by 91.7 million dinars compared to 819.1 million dinars at the end of December 2023.

In detail, local banks’ financing in December reached the highest value of 910.8 million dinars since the beginning of 2024. This was followed by September at 858.8 million dinars, July at 786.4 million dinars, and October at 779.4 million dinars.

August ranked fifth with 688.4 million dinars, followed by April at 639.2 million dinars, June at 634.1 million dinars, and March at 632.4 million dinars. November came ninth with 604.6 million dinars, then May at 592.1 million dinars, January at 555.6 million dinars, and February at the lowest with 456 million dinars.

The data showed that financing from local banks in dollars accounted for the largest share at 80.5%, totaling 6.55 billion dinars of the overall financing amounting to 8.13 billion dinars. This was followed by financing in other currencies at 8.4%, valued at 686.3 million dinars, and third, financing in the European currency “Euro” at 5.5%, amounting to 447.6 million dinars.

Financing in UAE dirhams ranked fourth, accounting for 2.1% at 171.5 million dinars, followed by Saudi Riyals at 2.09% with 170.3 million dinars. British Pounds accounted for 0.51% at 42 million dinars, Japanese Yen at 0.52% with 40.4 million dinars, and Swiss Francs at 0.35% with 28.8 million dinars.

Based on the data by type, other payment orders held the largest share of total financing, accounting for 69.54% or 5.66 billion dinars out of the total 8.13 billion dinars. This was followed by documentary credits, which represented 24.8% with a value of 2.01 billion dinars, while collection policies accounted for 5.66%, amounting to 461 million dinars.



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