CBK: Broad money supply settles at KD 39 bln

By Fawaz Karami KUWAIT, Jan 28 (KUNA) - Central Bank of Kuwait announced on Sunday that the broad money supply (M2) settled last December on a monthly basis at KD 39 billion (about USD 128.7 billion).

Local banks' private sector deposits dropped by 0.1 percent to reach KD 35.5 billion (about USD 117 billion), said the CBK's economic research department in a release to KUNA, including statistical tables.
Private sector deposits in foreign currency increased by 0.6 percent to reach KD 1.8 billion (about USD 5.9 billion), while total local banks claims on the CBK represented by CBK bonds settled at KD 3.3 billion (about USD 11 billion).
Total local banks' assets rose by 0.5 percent to reach KD 87 billion (around USD 287 billion), while the net foreign assets increased by 3.5 percent to KD 12.2 billion (around USD 40.2 billion).
Meanwhile, time deposits with the CBK dropped by 12.9 percent, in December, to KD 1.5 billion (around USD 4.9 billion), whereas balance of utilized cash credit (loans) rose by 0.2 percent to KD 53.5 billion (around USD 176 billion).
Average interest rate on one-year treasury bonds settled last December at 4.625 percent, while financing of Kuwaiti imports went up 34.9 percent to KD 819 million (about USD 2.7 billion), while the average exchange rate of US Dollar against Kuwaiti Dinar dropped by 0.2 percent to .307.8fils.
Narrow money supply indicates total volume of money in circulation including notes, coins and operational money deposits, whereas the broad money supply includes time deposits and saving accounts, as well as liquid money. (end) fnk.ht.seo.