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Central Bank says money supply drops 1.5% in July

KUWAIT: The Central Bank of Kuwait (CBK) said yesterday that the money supply (M2) in July was KD 35.9 billion (about $117 billion) down by 1.5 percent as compared to June. The CBK’s economic research department said in a statistical report that the private sector deposits in local banks decreased by 0.2 percent in July 2017 to KD 32 billion ($104.6 billion). Foreign assets were down in July by seven percent standing at KD 2.2 billion (about $7 billion), thus the private sector total deposits reached KD 34 billion (about $114.5 billion).

Meanwhile, local banks claims on the CBK, according to the statistical data, rose in July by 1.9 percent to KD 3 billion (about $9.8 billion). Local banks’ assets fell by 0.5 percent to KD 62.2 billion (about $202.5 billion). Foreign assets at local banks dropped by 0.8 percent in July to KD 7.5 billion (about $24.5 billion). Total assets at the CBK, according to the data, went down by 3.1 percent in July to KD 9.2 billion ($30 billion), and foreign assets were also down by 2.9 percent to KD 9 billion (about $29.4 billion). – KUNA

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