Local banks provide on average 555.6 million dinars to finance imports in Jan

According to data released by the Central Bank of Kuwait, Kuwaiti banks provided an average of 555.6 million dinars in foreign currency financing for the country’s imports in January 2024.

The breakdown of this financing revealed that the majority, accounting for 79%, was in US dollars, totaling 438.2 million dinars. Following closely, financing in Euros amounted to 32.3 million dinars, while British pounds accounted for about 3.9 million dinars. Additionally, financing in Japanese yen and Swiss francs stood at 2 million dinars and 1.4 million dinars, respectively, reports Al-Anba daily.

Furthermore, financing in Saudi riyals totaled approximately 11.1 million dinars, with UAE dirhams reaching 13.8 million dinars. Other currencies collectively amounted to 52.9 million dinars.

Regarding the nature of financing, the majority, comprising 66% of the total, was provided through other payment orders, totaling 363.6 million dinars. Financing through documentary credits accounted for 29% of the total, reaching 161.6 million dinars, while financing via collection policies represented 5%, amounting to 30.4 million dinars.

These operations serve as significant revenue streams for local banks, reflecting their active involvement in import financing activities. Such transactions contribute to the banks’ operational activities, including the issuance of credits and other essential operations for major local companies.

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