Kuwait recorded a current account surplus of KD 108 million (USD 357 million) in the second quarter of 2020, the Central Bank of Kuwait (CBK) said on Wednesday. The surplus fell by KD 112 million (USD 369 million) from the KD 220 million (USD 726 million) recorded in the earlier quarter, representing a 50 percent drop, according to a press release.
The drop is due to a dip of KD 2.2 billion (USD 7.2 billion) in the value of total earnings in the credit side of the current account, and a fall of KD 2.1 billion (USD 6.9 billion) in the value of the total payments in the debit side, it added. The commodity balance surplus also dropped by KD 318.6 million (USD 1 billion) to KD 1.6 billion (USD 5.2 billion) compared to KD 2 billion (USD 6.6 billion) in the first quarter.
The balance for services dropped 78.5 percent by KD 1.2 billion (USD 1.9 billion) to KD 354.9 million (USD 1.1 million).
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