Kuwait’s foreign reserves increased by 9% as of July

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According to official data obtained from the Central Bank of Kuwait, there is an increase in the value of Kuwait’s foreign reserves as of the end of July by 9.09 percent on an annual basis, supported by the special drawing rights, foreign currency reserves and deposits abroad (direct), reports Al-Rai daily.

The value of Kuwait’s official reserves as of the end of July amounted to KD 14.435 billion ($ 47.001 billion), compared to KD 13.233 billion ($ 43.087 billion) in July 2021. On a monthly basis, the value of Kuwait’s foreign reserves increased in July by 0.28 percent from KD 14.394 billion in June. However, the value of Kuwait’s foreign reserves does not include the assets of the state’s sovereign fund, which ranks fourth in the world at $ 708.42 billion.

The increase in reserves came on an annual basis due to the increase in foreign currency and deposits abroad by 3.56 percent to KD 12.783 billion in July, compared to KD 12.343 billion in the same month in 2021, with a monthly growth of 0.32 percent.

The second reason for the reserve growth was the special drawing rights, which amounted to KD 1.339 billion last month, an increase of 133.68 percent compared to its level in July 2021 of KD 573.4 billion, with 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 KD 234.4 billion in July, compared to KD 236.5 billion in the same month last year. The book value of the gold reserves continued to remain stable at KD 31.7 million. The item of securities abroad, which includes highly liquid securities, equity and marketable debt instruments, stabilized at KD 47.4 million.