Data from the Central Bank of Kuwait revealed an increase in total loans granted to both residents and non-residents (foreign investors without residency) during the first 11 months of 2024, by 3.56 billion dinars. This resulted in a cumulative balance of credit facilities reaching a record level of 57.12 billion dinars by the end of November, compared to 53.55 billion dinars at the end of 2023, showing a growth rate of 6.6%.
In detail, loans granted to residents amounted to 49.15 billion dinars by the end of November 2024. This represented an increase of 1.47 billion dinars, or 3.1%, during the first 11 months of the year compared to its balance of 47.67 billion dinars at the end of December 2023.
Loans granted to non-residents amounted to 7.96 billion dinars by the end of November 2024. This marked a growth of 2.08 billion dinars, or a 35.5% increase, during the period from January to November, compared to its balance of 5.88 billion dinars at the end of December 2023.
The increase in the volume of loans granted in the country to residents and non-residents since the beginning of this year was driven by an increase in most credit granted to all economic sectors.
The housing loans, which are long-term personal loans not exceeding 15 years and provided for the purpose of purchasing, building, or renovating a private residence, reached 16.49 billion dinars by the end of November. This represented an increase of 472 million dinars, or 2.9%, during the 11 months compared to its balance of 16.01 billion dinars at the end of December 2023.
Consumer facilities granted during the first 11 months of 2024 increased by about 108 million dinars, with a growth of 5.5%, reaching a cumulative balance of 2.07 billion dinars, the highest level ever. This was compared to 1.96 billion dinars at the end of December 2023. The total balance of personal facilities at the end of November reached 19.27 billion dinars, increasing by 511.7 million dinars, or a growth rate of 2.7%, compared to its level of 18.76 billion dinars at the end of December 2023.
The data indicated an increase in loans directed to purchase securities during the first 11 months of 2024, reaching a level of 3.68 billion dinars by the end of November. This represents an increase of 5.16%, or 181 million dinars, compared to 3.5 billion dinars at the end of December 2023.
The total facilities provided to the oil and gas sector from the beginning of the year until the end of November amounted to 2.39 billion dinars, compared to 2.51 billion dinars at the end of December 2023. This represents a decline of 4.9%, or 124 million dinars.
The data showed an increase in bank loans since the beginning of 2024, reaching a level of 3.53 billion dinars by the end of November. This represents a growth rate of 7.2% and an increase of 239 million dinars compared to 3.29 billion dinars at the end of December 2023.
Growth in Deposits in Banks
In terms of deposits, the Central Bank’s data showed an increase in deposits in banks by residents and non-residents during the first 11 months of 2024, reaching 53.69 billion dinars. This was compared to 53 billion dinars at the end of 2023, representing an increase of 683 million dinars, or 1.3%.
In detail, deposits in banks by residents increased during the first 11 months of 2024, reaching a level of 50.27 billion dinars by the end of November. This marked a growth of 3.2% and an increase of 1.54 billion dinars compared to 48.73 billion dinars at the end of December 2023.
While deposits in banks by non-residents decreased from the beginning of the year until November, reaching 3.42 billion dinars, this represented a decline of 20.1%, or 861 million dinars, compared to 4.28 billion dinars in December 2023.
The data showed that the increase in deposits in banks by residents and non-residents from the beginning of the year until the end of November was driven by an increase in private sector deposits in dinars, which reached 37.74 billion dinars compared to 36.05 billion dinars. This represented a growth of 4.7%, or 1.68 billion dinars.
The data indicated a decrease in private sector deposits in foreign currencies by the end of November, reaching 3.93 billion dinars compared to 4.63 billion dinars at the end of December. This represented a decline of 15.2%, a decrease of 706 million dinars.
Deposits of public financial and non-financial institutions also declined during the first 11 months of the current year, reaching 6.95 billion dinars compared to 7.62 billion dinars at the end of December 2023. This represented a decrease of 664 million dinars, or 8.7%.
The Central Bank’s data revealed an increase in government deposits since the beginning of the year until the end of November, reaching 5.06 billion dinars compared to 4.69 billion dinars at the end of December 2023. This represented a growth rate of 7.8%, or 369 million dinars.
14.26 billion dinars reserve assets by the end of November
Official data issued by the Central Bank of Kuwait revealed an increase in the value of Kuwait’s official reserve assets by 1.28% annually, reaching 14.26 billion dinars by the end of November 2024. This was compared to 14.08 billion dinars in the same period in 2023.
The country’s reserve assets are distributed among gold worth 31.7 million dinars, reserves with the International Monetary Fund worth 212.7 million dinars, special drawing rights worth 1.31 billion dinars, foreign currency and other deposits worth 12.65 billion dinars, and securities abroad worth 51.5 million dinars.
Compared to the level of reserve assets in October 2024, which amounted to 14.13 billion dinars, it grew by 0.92%. However, it declined by 2.39% since the beginning of the year, from its level of 14.62 billion dinars ($47.62 billion) at the end of December 2023.
