-
Loans to Kuwaiti citizens and residents rose by 68 million dinars in the first two months of 2024, reaching a total of 18.83 billion dinars by last February.
-
Kuwaiti bank deposits rose by 0.71% in the first two months of this year, totaling 346 million dinars and reaching 49.073 billion dinars compared to the fourth quarter of 2023.
-
Kuwait’s reserve assets rose during February, reaching 14.82 billion dinars at the end of the month
According to data from the Central Bank of Kuwait, credit extended to residents and non-residents saw a notable increase in February, reaching 520 million dinars. This pushed the total credit granted by local banks to 54.37 billion dinars, compared to January’s end figure of 53.85 billion dinars.
The data indicated that credit granted by the banking sector increased in the first two months of 2024, with most loans to all economic sectors seeing an uptick. Credit facilities reached a new record level of 54.37 billion dinars, marking a 1.47% increase or 790 million dinars compared to the 53.58 billion dinars at the end of December 2023.
Personal facilities
Loans granted to citizens and residents of Kuwait (personal facilities) increased by approximately 68 million dinars during the first two months of 2024, bringing the total balance of personal facilities granted in the country to 18.83 billion dinars by the end of last February.
Consumer loans aimed at purchasing durable goods and cars saw an increase of 1.11% by the end of last February, totaling 1.99 billion dinars compared to 1.97 billion dinars at the end of last December.
It also saw an annual growth of 1.42% compared to levels in February of last year, which amounted to 1.96 billion dinars. Consumer loans also increased by 0.45% monthly compared to levels last January, which amounted to 1.98 billion dinars.
On the other hand, loans directed towards purchasing securities experienced a decline during the first two months of the current year (January and February) by 0.19%, reaching a level of 3.49 billion dinars in February compared to 3.5 billion dinars at the end of December 2023. However, they recorded an annual increase of 7.6% compared to their levels in February 2023, amounting to 3.25 billion dinars. Monthly, they increased by 0.95% compared to 3.46 billion dinars last January.
Loans to oil and gas sector
The oil and gas sector has seen an increase since the beginning of the year, reaching 2.56 billion dinars by the end of February, a rise of 1.94% compared to 2.51 billion dinars at the end of December 2023. However, it experienced an annual decline of 1% compared to its levels in February 2023, amounting to 2.681 billion dinars. The sector also rose at the monthly level by 0.7% compared to 2.54 billion dinars last January.
Bank loans saw an increase during the first two months of the current year 2024, rising by 6.34% to 3.353 billion dinars in February, compared to 3.32 billion dinars at the end of December 2023. They also increased by 5.6% monthly compared to 3.175 billion dinars in January last year. However, they decreased on an annual basis by 2.69% compared to February levels of last year, amounting to 3.446 billion dinars.
Loans from non-bank financial institutions increased by 7.41% at the end of last February, reaching a level of 2.145 billion dinars compared to 1.99 billion dinars at the end of December 2023. They also increased by 1.08% monthly compared to 2.12 billion dinars last January. Additionally, they rose on an annual basis by 31.1% compared to February levels of last year, amounting to 1.63 billion dinars.
High deposits
Regarding deposits in the Kuwaiti banking sector, deposits in Kuwaiti banks increased by 0.71% by the end of the first two months of the current year, amounting to 346 million dinars. This brought the total to 49.073 billion dinars, compared to their levels recorded at the end of the fourth quarter of 2023, which amounted to 48.727 billion dinars.
It also increased by 1.04% monthly compared to 48.568 billion dinars in January. On an annual basis, it rose by 3.69% compared to February levels of last year, amounting to 47.324 billion dinars.
The increase in deposits in the Kuwaiti banking sector was driven by a rise in private sector deposits in dinars, which increased by 0.89% in February to reach 319 million dinars. This brought the balance of private sector deposits in dinars with Kuwaiti banks to 35.851 billion dinars at the end of last February, compared to 35.532 billion dinars at the end of December 2023.
It also increased on a monthly basis by 1.03% compared to 35.482 billion dinars at the end of last January. Additionally, it increased on an annual basis by 0.39%, compared to February levels of last year, which amounted to 35.710 billion dinars.
On the other hand, private sector deposits in foreign currencies declined in February by 1.93%, amounting to 35 million dinars. This brought the balance of deposits in foreign currencies to 1.775 billion dinars compared to 1.810 billion at the end of the fourth quarter of 2023.
They also decreased on a monthly basis by 4.2% compared to 1.853 billion dinars at the end of last January. Furthermore, they decreased on an annual basis by 1.49% compared to February levels of last year, which amounted to 1.802 billion dinars.
As for the deposits of financial and non-financial public institutions, they increased by 2.23% in February, totaling 151 million dinars. This brought their balance to 6.904 billion dinars at the end of December, compared to 6.753 billion dinars at the end of December 2023. They also increased at the monthly level by 0.56%.
Regarding government deposits, they witnessed a decline of 1.92% at the end of last February, totaling 89 million dinars. This brought the balance of government deposits to 4.542 billion dinars at the end of last February compared to 4.631 billion dinars at the end of the fourth quarter of 2023. However, they increased at the monthly level by 4% compared to 4,367 at the end of last January. They also increased on an annual basis by 34.1% compared to February levels of last year, which amounted to 3.387 billion dinars.
Kuwait’s reserve assets up 14.8 billion dinars
Central Bank data showed that Kuwait’s reserve assets rose during February, reaching 14.82 billion dinars at the end of the month. This marked an increase of 1.36% from its level of 14.62 billion dinars last December.
The country’s reserves include approximately 13,186 billion dinars in the balance of deposits and foreign currencies abroad, along with about 1.32 billion dinars in Kuwait’s Special Drawing Rights at the International Monetary Fund. Additionally, it consists of approximately 224.6 million dinars in balance with the International Monetary Fund (IMF) and 51.5 million dinars in securities abroad.
Kuwait’s foreign reserves include approximately 79 tons of gold, calculated at book value since its purchase, amounting to approximately 31.7 million dinars at the end of February 2024. It’s worth noting that the foreign reserve does not include the external assets of the General Investment Authority, which is the sovereign fund.
