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

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