Official data from the Central Bank of Kuwait revealed that consumer spending by citizens and residents in Kuwait reached a record 47.81 billion dinars in 2024, marking an annual increase of 2.02 billion dinars, or 4.4%, compared to 45.79 billion dinars in 2023.
Data reviewed by Al-Anba revealed that POS transactions both inside and outside Kuwait totaled 18.92 billion dinars in 2024, reflecting an annual increase of 1.4 billion dinars, or 8.02%, compared to 17.52 billion dinars in 2023.
The value of ATM (cash) transactions totaled approximately 10.08 billion dinars in 2024, a decrease of 636 million dinars, or 5.93%, compared to 10.72 billion dinars in 2023. This decline highlights a significant shift towards electronic transactions and payments, reducing cash usage in the country.
Additionally, transactions via electronic websites amounted to about 18.8 billion dinars, both inside and outside Kuwait, marking an annual increase of 1.25 billion dinars, or 7.12%, compared to 17.55 billion dinars in 2023.
Facilities Granted
According to data from the Central Bank, credit facilities granted by the Kuwaiti banking sector saw a significant increase in 2024. The total loans granted to residents and non-residents rose by 3.62 billion dinars, reaching a new record cumulative balance of 57.17 billion dinars by the end of December, compared to 53.55 billion dinars at the end of 2023, reflecting a growth of 6.75%.
In detail, loans granted to residents totaled KWD 49.41 billion by the end of December 2024, reflecting an increase of KWD 1.74 billion, or 3.65%, compared to KWD 47.67 billion at the end of December 2023.
Loans granted to non-residents reached KWD 7.75 billion by the end of December 2024, marking a significant growth of KWD 1.87 billion, or 31.9%, compared to KWD 5.88 billion at the end of December 2023.
“Non-residents” refers to non-Kuwaiti individuals who have not obtained work or residence permits, as well as foreign companies and commercial establishments not established in Kuwait but licensed by the Ministry of Commerce and Industry or relevant authorities. This also includes foreign companies working under special contracts with the government, as well as foreign diplomatic missions and their affiliated bodies.
Distribution of Loans by Sector
The increase in the volume of loans granted in the country to both residents and non-residents during the past year came alongside a rise in credit extended to most economic sectors.
Housing loans, which are long-term personal loans of up to 15 years provided for purchasing, building, or renovating a private residence, reached 16.54 billion dinars by the end of December 2024. This marked an annual increase of 530 million dinars, or 3.3%, compared to 16.01 billion dinars at the end of December 2023.
Consumer facilities granted in Kuwait saw an increase of about 105 million dinars in 2024, growing by 5.3% to reach a cumulative balance of 2.07 billion dinars, up from 1.96 billion dinars at the end of December 2023.
Additionally, the total balance of personal facilities reached 19.32 billion dinars by the end of December, reflecting an increase of 560 million dinars, or a growth rate of 3%, compared to 18.76 billion dinars at the end of December 2023.
The data showed an increase in loans directed towards the purchase of securities in 2024, reaching 3.79 billion dinars by the end of December. This marked an 8.36% increase, or 293 million dinars, compared to 3.5 billion dinars at the end of December 2023.
The total facilities provided to the oil and gas sector in 2024 amounted to 2.45 billion dinars, down from 2.51 billion dinars at the end of December 2023. This represents a decline of 2.1%, or a decrease of 54 million dinars.
The data indicated an increase in loans to banks from January to December 2024, reaching 3.41 billion dinars, up from 3.29 billion dinars at the end of December 2023. This represents a growth rate of 3.7%, or an increase of 122 million dinars.
Deposits in Banks
In terms of deposits, the Central Bank’s data revealed an increase in deposits in Kuwaiti banks by residents and non-residents during 2024, reaching 53.82 billion dinars. This represents an increase of 816 million dinars, or 1.5%, compared to 53 billion dinars at the end of 2023.
In detail, deposits in Kuwaiti banks by residents increased during 2024, reaching 50.49 billion dinars by the end of December. This represents a growth of 3.6%, or an increase of 1.76 billion dinars, compared to 48.72 billion dinars in December 2023.
While deposits in Kuwaiti banks by non-residents decreased in 2024, they totaled 3.32 billion dinars by the end of December. This represents a decrease of 22.2%, or a reduction of 951 million dinars, compared to 4.27 billion dinars in December 2023.
The data revealed that the increase in deposits in Kuwaiti banks by residents and non-residents from January to December 2024 was primarily driven by an increase in private sector deposits in dinars. These deposits reached 37.6 billion dinars, compared to 36.05 billion dinars at the end of December 2023, reflecting a growth of 4.2%, or an increase of 1.54 billion dinars.
The data indicated a decline in private sector deposits in foreign currencies during 2024, with a decrease of 715 million dinars. This brought the balance of foreign currency deposits to 3.88 billion dinars, compared to 4.63 billion dinars at the end of December 2023, reflecting a decrease of 16.2%.
Deposits from public financial and non-financial institutions also saw a decrease in 2024, totaling 7.25 billion dinars, compared to 7.62 billion dinars at the end of December 2023. This represents a decline of 664 million dinars, or a decrease of 4.8%.
The Central Bank data showed an increase in government deposits during 2024, reaching 5.08 billion dinars, compared to 4.69 billion dinars at the end of December 2023. This represents a growth rate of 8.2%, or an increase of 389 million dinars.
13.96 billion dinars foreign reserves by the end of 2024
Central Bank data showed that Kuwait’s reserve assets decreased in 2024, totaling 13.96 billion dinars by the end of December. This represents a decrease of 929 million dinars, or 6.3%, from 14.62 billion dinars in December 2023.
The country’s reserves included approximately 12.08 billion dinars in deposits and foreign currencies abroad, along with about 1.325 billion dinars in Kuwait’s special drawing rights with the International Monetary Fund. Additionally, the reserves consisted of around 202.3 million dinars in balance with the International Monetary Fund and 51.5 million dinars in securities abroad.
Kuwait’s foreign reserves include approximately 79 tons of gold, valued at about 31.7 million dinars by the end of December 2024, calculated at book value since its purchase.
It is important to note that Kuwait’s foreign reserves do not include the external assets of the Public Investment Authority, which are represented by the sovereign fund.
