The value of Kuwait’s foreign reserves at the end of last July increased by 9.09 percent on an annual basis, supported by the special drawing rights (SDR), foreign currency reserves and deposits abroad (Mubasher).
According to the Central Bank of Kuwait, the value of Kuwait’s reserves at the end of July were 14.435 billion dinars ($47.001 billion), compared to 13.233 billion dinars ($43.087 billion) in July 2021, reports a local Arabic daily.
On a monthly basis, the value of Kuwait’s foreign reserves increased last July by 0.28 percent from its June level of 14.394 billion dinars, knowing that the value of Kuwait’s foreign reserves does not include the assets of the state’s sovereign fund, which ranks fourth in the world, with 708.42 billion dollars.
The increase in reserves came on an annual basis due to the increase in foreign currency and deposits abroad by 3.56% to 12.783 billion dinars last July, compared to 12.343 billion in the same month of 2021, with a monthly growth of 0.32%.
The second reason for the reserve growth was in the Special Drawing Rights, which amounted to 1.339 billion dinars last month, an increase of 133.68 percent over its level in July 2021 of 573.4 billion dinars, with its stability on a monthly basis.
On the other hand, the item of reserve status with the International Monetary Fund decreased by 0.89 percent to reach, last July, 234.4 billion dinars, compared to 236.5 billion dinars in the same month last year.
The book value of the gold reserves continued to remain stable at 31.7 million dinars, and the item of securities abroad, which includes highly liquid securities, equity and marketable debt instruments, stabilized at 47.4 million dinars.