The data from the Central Bank of Kuwait revealed that the volume of import financing from local banks reached 7.22 billion dinars, during the first 11 months of this year.
On a monthly basis, the value of import financing dropped by 22.4%, falling by 174.8 million dinars, to reach 604.6 million dinars by the end of November, compared to 779.4 million dinars in October.
On an annual basis, import financing in November decreased by 0.5%, or 2.8 million dinars, compared to 607.4 million dinars at the end of November 2023.
In detail, local bank financing in September recorded the highest value since the beginning of 2024 at 858.8 million dinars, followed by July at 786.4 million dinars. October ranked third with 779.4 million dinars, while August came fourth with 688.4 million dinars.
This was followed by April, with a value of 639.2 million dinars, then June at 634.1 million dinars, and March at 632.4 million dinars. November ranked eighth with 604.6 million dinars, followed by May at 592.1 million dinars. January recorded 555.6 million dinars, while February had the lowest value at 456 million dinars.
The data showed that financing from local banks in dollars accounted for the largest share since the beginning of the year until last November, comprising 80.2% of the total, with a value of 5.8 billion dinars out of 7.22 billion dinars. This was followed by financing in other currencies at 8.6%, valued at 621.8 million dinars, and third by financing in the European currency, the euro, at 5.6%, amounting to 404.5 million dinars.
Fourth place went to financing in UAE dirhams, representing 2.06% with a value of 149.4 million dinars, followed by Saudi riyals at 2.05% with 148.1 million dinars.
Financing in British pounds, accounted for 0.53% at 38.8 million dinars, while Japanese yen represented 0.52% at 37.9 million dinars. Finally financing in Swiss francs, accounted for 0.36% at 26.3 million dinars.
By type, the data revealed that other payment orders held the largest share, accounting for 69.65% of the total financing, valued at 4.6 billion dinars out of 7.22 billion dinars. This was followed by documentary credits at 25.23%, worth 1.82 billion dinars, and collection policies at 5.1%, valued at 368 million dinars.
