KUWAIT: Central Bank of Kuwait (CBK) announced on Thursday that the broad money supply (M2) went up by 0.3 percent last May to settle at KD 39.6 billion (around $130.6 billion). Local banks’ private sector deposits increased by 0.6 percent to settle at KD 36.2 billion (around $119.4 billion), said the CBK’s economic research department in a release to KUNA, including statistical tables.
Private sector deposits in foreign currency dropped by 2.8 percent to reach KD 1.7 billion (around $5.5 billion), while total local banks claims on the CBK represented by CBK bonds rose by 6.2 percent, settling at KD 3.4 billion (around $11.2 billion). Total local banks’ assets fell by 0.1 percent to record KD 84.9 billion (around $280 billion), while the net foreign assets decreased by 0.2 percent to KD 10.4 billion (around $34.3 billion).
Meanwhile, time deposits with the CBK settled, in May, at KD 2.6 billion (around $8.5 billion), whereas balance of utilized cash credit rose by 0.1 percent to KD 52.2 billion (around $172.5 billion). Average interest rate on one-year treasury bonds settled at 4.5 percent in November, while financing of Kuwaiti imports went up 75.9 percent to reach KD one billion (around $1.8 billion), and US Dollar exchange rate against Kuwaiti Dinar rose by 0.1 percent to 306.7 fils.
Narrow money supply indicates total volume of money in circulation including notes, coins and operational money deposits, whereas the broad money supply includes time deposits and saving accounts, as well as liquid money. – AFP