The latest monthly bulletin issued by the Central Bank of Kuwait revealed that the country’s foreign exchange reserves increased at the end of November to reach approximately 12.65 billion dinars, compared to its balance at the end of October, which was 12.52 billion dinars. This represents a 1% increase, amounting to 127 million dinars.
The data showed that Kuwait’s foreign exchange reserves declined by 330 million dinars during the first 11 months of this year, a decrease of 2.5%, compared to its level of about 12.98 billion dinars at the end of December 2023. Kuwait’s foreign exchange reserves include total cash balances, accounts, bonds, certificates of deposit, treasury bills, and foreign currency deposits held at the Central Bank of Kuwait.
These foreign reserves can cover Kuwait’s imports for a period of 13 months, and foreign assets reflect the strength of the external financial position and the ability to withstand pressures on the local currency.
The data indicated that Kuwait’s gold reserves did not change, as is typical in all previous years, remaining stable at 79 tons according to the World Gold Reserve Council. The book value of this amount of gold was about 31.7 million dinars, based on the prices at the time of purchase and not the current market value.
According to the monthly bulletin, the total assets of the Central Bank of Kuwait increased as of the end of November 2024 to 13.02 billion dinars, compared to its balance of 12.87 billion dinars at the end of October, reflecting a growth of 1.17%, or 151 million dinars.
The total assets of the Central Bank of Kuwait witnessed a decline during the first 11 months of the current year, by 310 million dinars, or 2.3%, compared to its balance of 13.32 billion dinars at the end of December 2023.
The data indicated an increase in other assets at the end of November, reaching 331.5 million dinars compared to 308.7 million dinars at the end of October, marking a growth rate of 7.4%, or 22.8 million dinars. The balance of cash in circulation at the end of November amounted to about 1.88 billion dinars.
The balance of Central Bank bonds at the end of November was about 1.06 billion dinars, down from 1.42 billion dinars at the end of the previous October, representing a decrease of 360 million dinars, or 25.3%.
Meanwhile, the accounts and deposits of local banks with the Central Bank amounted to approximately 5.78 billion dinars at the end of November, compared to 5.57 billion dinars at the end of the previous October.
Source: Al Anba
