Kuwait reserves total $350 bln; foreign investments see losses |
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KUWAIT CITY - The total reserves of Kuwait amounts to KD 103 billion which equals 350 billion US dollars, reports Al-Qabas daily quoting government sources. Of this reserve, KD 55 billion has been allotted to state general reserve which is 6 percent less compared to last year, and KD 48 billion has been allotted to the future generations reserve, showing a dip of 16 percent from last year. Investments in Arab countries amount to KD 21 billion that makes up around 20 percent of the total reserves. The total assets have reduced from KD 81 billion to KD 72 billion, while the commitments have increased from KD 16 billion in 2008 to KD 17 billion. It is also seen that although the value of foreign assets have increased, around KD 9 billion was lost in Kuwaiti investments abroad in March 2009.
Meanwhile, Finance Minister Mustafa Al-Shamali has affirmed that the sale of Kuwait Investment AuthorityKuwait Investment Authority
's shares in Boubyan BankBoubyan Bank will go ahead as planned and in accordance with the conditions specified earlier, reports Al-Anba daily. Al-Shamali also refuted reports about the cancellation or postponement of the sale, which will be conducted with full transparency. He revealed the authority owns 231 million shares in the bank, while submission of applications for participation in the public sale ended Thursday. Al-Shamali also unveiled the authority's plan to sell its shares in local companies upon completion of the sale of its shares in the bank. In another development, sources disclosed the Central Bank of Kuwait (CBK)Central Bank of Kuwait (CBK) has given the National Bank of Kuwait (NBK)National Bank of Kuwait (NBK) the green light to own over 40 percent of shares in Boubyan BankBoubyan Bank for three months, which will end on Sept 28.
© Arab Times 2009
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