Kuwait’s money supply (M2) declined 0.9 percent in February on a monthly basis, recording KD 38.9 billion (USD 128 billion), the Central Bank of Kuwait (CBK) said on Sunday.
Private sector deposits made in the Kuwaiti dinar at local banks slid by 0.8 percent to KD 34.7 billion (USD 114.5 billion), according to the state monetary authority’s economic research department. Deposits in foreign currencies also decreased by 2.4 percent to KD 2.1 billion (USD 6.9 billion). Domestic banks’ claims on the CBK in the Kuwaiti dinar, represented by CBK bonds, settled at KD 2.9 billion (USD 9.5 billion) as their total assets increased by 0.2 percent, reaching USD 73 billion (USD 241 billion).
Net foreign currency assets at domestic banks dropped by 8.5 percent to KD 6.4 billion (USD 21 billion), as time deposits at CBK shredded 18.2 percent to reach KD 2.1 billion (USD 6.9 billion). The balances of cash credit facilities (loans) increased by 0.3 percent to reach KD 40 billion (USD 131.6 billion). Meanwhile, the average interest rates on treasury bonds of one-year maturity remain unchanged at 1.375 percent. The financing of Kuwaiti imports decreased by a monthly 15.8 percent, recording KD 241 million (USD 795 million), with the average US dollar exchange rate against the Kuwaiti dinar also dropping by 0.2 percent to KD 302.5.
Source-KUNA
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