Kuwait’s foreign exchange reserves at 12.45 billion dinars

As of the conclusion of November, Kuwait’s foreign exchange reserves stood at 12.45 billion dinars, indicating a monthly rise of 1.18%. This represents a growth of 145 million dinars compared to October’s figure of 12.31 billion dinars, as outlined in the Central Bank of Kuwait’s monthly bulletin for November 2023.

However, over the course of the year, the foreign exchange reserve has experienced a decrease of 672 million dinars, equivalent to a 5.12% decline, compared to the December levels of the previous year, which amounted to 13.12 billion dinars. The foreign exchange reserve encompasses total cash balances, accounts, bonds, certificates of deposit, treasury bills, and foreign currency deposits held with the Central Bank of Kuwait, reports Al-Anba daily.

When considering liquid reserves, it is observed that they cover Kuwait’s import needs for over 13 months, surpassing the global average by four times. This exceeds the recognized safe limit for liquid foreign cash reserves, excluding gold, which typically covers three months of the average import value.

Kuwait’s gold reserves remained constant at 79 tons, in accordance with the World Gold Reserve Council. The book value of this gold quantity in Kuwait is 31.7 million dinars, based on the purchase prices and not the current market value.

The monthly bulletin reveals that the total assets of the bank reached 12.84 billion dinars, with the bulk distributed among liquid foreign reserves at 12.45 billion dinars, gold reserves valued at 31.74 million dinars, and other reserves amounting to 360.8 million dinars. Total assets experienced a monthly increase of 1.5% compared to the end of October, which recorded 12.65 billion dinars. Foreign assets serve as a measure of the external financial position and the ability to withstand pressures on the local currency.

Regarding cash in circulation, the Central Bank of Kuwait witnessed a 1.22% monthly increase in November, reaching 1.98 billion dinars compared to 1.96 billion dinars at the end of October. Conversely, government accounts experienced a 16.5% monthly decline, reaching 1.67 billion dinars at the close of November, down from 2 billion dinars at the end of October.

Read Today's News TODAY...
on our Telegram Channel
click here to join and receive all the latest updates

Back to top button