Kuwait’s reserves down 1.9% in March

Official reserve assets registered $39.488bln by the end of last month

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Getty Images/Emad Aljumah

Kuwait’s foreign exchange reserves decreased during March 2020 by 1.89% on a monthly basis, as shown by the data of the Central Bank of Kuwait (CBK).

Official reserve assets registered KWD 12.19 billion ($39.488 billion) by the end of last month, compared with SAR 12.424 billion ($40.249 billion) in February.

This comes amidst the fall of Kuwaiti crude oil prices during March by around 49.29%, and by 62.39% for the first quarter (Q1) of the year, amidst a price war and the effects of the coronavirus (COVID-19) pandemic.

On an annual basis, Kuwait’s reserve assets increased by 5.83% compared with its level in March 2019 at KWD 11.518 billion.

Last month, monetary gold remained unchanged at KWD 31.7 billion, the IMF reserve position increased by 0.30% to KWD 166.2 million, while special drawing rights stood at KWD 564.3 million.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Wealth Management