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| 24 September, 2017

Kuwait's money supply drops 1.5% in July

Paychecks constitute 22% of total expenditure in Kuwait.

Paychecks constitute 22% of total expenditure in Kuwait.

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KUWAIT -- Central Bank of Kuwait (CBK) on Sunday said money supply (M2) in July was KD 35.9 billion (about USD 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 (USD 104.6 billion).

Foreign assets were down in July by seven percent standing at KD 2.2 billion (about USD seven billion), thus the private sector total deposits reached KD 34 billion (about USD 114.5 billion).

Meanwhile, local banks claims on the CBK, according to the statistical data, rose in July by 1.9 percent to KD three billion (about USD 9.8 billion). Local banks' assets fell by 0.5 percent to KD 62.2 billion (about USD 202.5 billion).

Foreign assets at local banks dropped by 0.8 percent in July to KD 7.5 billion (about USD 24.5 billion).

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Total assets at the CBK, according to the data, went down by 3.1 percent in July to KD 9.2 billion (USD 30 billion), and foreign assets were also down by 2.9 percent to KD nine billion (about USD 29.4 billion).

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