Kuwaiti reserves up 14.4% in May

Reserve assets amounted to $44.52bln by the end of May 2020

  
Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017.

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017.

Getty Images/Emad Aljumah

Kuwait’s foreign reserves increased by 14.41% during May, according to recent data by the Central Bank of Kuwait (CBK).

Reserve assets amounted to KWD 13.67 billion ($44.52 billion) by the end of May 2020, compared with KWD 11.95 billion ($39.98 billion) in May 2019.

On a monthly basis, the Kuwaiti reserve grew by 7.39%, compared with its level in April at KWD 12.73 billion.

Total currency deposits increased by 14.79% year-on-year (YoY) to KWD 12.875 billion, while special withdrawal rights inched up by 0.21% to KWD 564.4 million.

In addition, the Kuwaiti reserve position at the International Monetary Fund (IMF) hiked by 43.37% to KWD 202.6 million.

The book value for gold reserves stood at KWD 31.7 million.

Source: Mubasher

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