|01 October, 2019

Kuwaiti foreign reserves exceed $38bln in August

The growth in Kuwait’s international reserves was supported by the increase in total currency and deposits at the CBK, which rose by 4.38%

Image used for illustrative purpose. Packs of U.S. one hundred dollar bills are counted at a bank in Westminster, Colorado November 3, 2009.

Image used for illustrative purpose. Packs of U.S. one hundred dollar bills are counted at a bank in Westminster, Colorado November 3, 2009.

REUTERS/Rick Wilking
Kuwait - The Kuwaiti foreign currency reserves grew by 4.35% year-on-year to KWD 11.553 billion ($38.08 billion) in August 2019.

On a monthly basis, reserves declined by 0.30% in August, from KWD 11.588 billion in July, according to a report by the Central Bank of Kuwait (CBK) released on Tuesday.

The growth in Kuwait’s international reserves was supported by the increase in total currency and deposits at the CBK, which rose by 4.38% year-on-year to KWD 10.346 billion in August.

The GCC country’s reserves at the International Monetary Fund (IMF) surged 40.46% year-on-year to KWD 159 million at the end of August, the CBK’s data showed.

At the other end of the spectrum, special drawing rights declined by 2.88% to KWD 563.5 million during the eighth month of the year, compared to KWD 580 million in the year-ago period.

The value of monetary gold at the CBK stabilised at KWD 31.7 million.

Translated by: Muhammad Abdul-Wakeel

Source: Mubasher

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