Since the beginning of this year, the credit growth rate in Kuwait has continued to rise despite the interest rate agreement several times.
A local Arabic daily said it has recorded 6.3% in the first 7 months of 2022. At this rate, the credit growth rate from January to August 2022 was equal to that of entire 2021, and we are still 4 months away from the end of the year, which increases expectations that 2022 will record the highest credit growth rate since 2015.
It is noteworthy that the growth of bank credit in 2021 recorded the highest rate in 6 years, at a rate of 6.3%, compared to 3.5% in 2020, about 4.3% in 2019, and about 4.2% in 2018, about 3.1% in 2017, and about 2.9% in 2016.
According to data issued by the the Central Bank of Kuwait for the month of August, the balance of public debt instruments decreased from 400 to 380 million dinars, down 52% since the end of last year.
On the other hand, the rate of money supply “Money Supply 2” in August increased by 4.37% to 37.85 billion dinars, compared to 36.25 billion dinars in August 2021, while it rose on a monthly basis, by 0.08% from its level in July 2022 of 37.82 billion dinars.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
