KUWAIT– Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May to settle at US$130.6 billion (KD 39.6 billion).
Local banks’ private sector deposits increased by 0.6 percent to settle at US$119.4 billion (KD 36.2 billion), revealed the CBK’s economic research department, including statistical tables revealed, local media reports said.
Private sector deposits in foreign currency dropped by 2.8 percent to reach $5.5 billion (KD 1.7 billion), while total local banks claims on the CBK represented by CBK bonds rose by 6.2 percent, settling at $11.2 billion (KD 3.4 billion).
Total local banks’ assets fell by 0.1 percent to record $280 billion (KD 84.9 billion), while the net foreign assets decreased by 0.2 percent to $34.3 billion (KD 10.4 billion).
Meanwhile, time deposits with the CBK settled, in May, at $8.5 billion (KD 2.6 billion)m whereas balance of utilized cash credit rose by 0.1 percent to $172.5 billion (KD 52.2 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 $1.8 billion (KD one billion) and US Dollar exchange rate against Kuwaiti Dinar rose by 0.1 percent to 306.7 fils.Â
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.