CBK: Money supply rises 1.9 pct in May

KUWAIT, July 7 (KUNA) -- Money supply (M2) climbed 1.9 percent in May, on monthly basis, recording KD 39.5 billion (USD 130.3 billion), the Central Bank of Kuwait (CBK) said on Tuesday.
The CBK economic research department reported that private sector's deposits in the Kuwaiti dinar in local banks increased by 1.9 percent, in May, reaching KD 34.6 billion (USD 148.7 billion).
Those of foreign currencies went up by 1.6 percent, reaching KD 2.4 billion (USD 7.9 billion), whereas overall local banks' claims on the CBK in the Kuwaiti dinar -- represented by the CBK bonds -- dropped by 12.2 percent, standing at KD 2.6 billion (USD 8.5 billion).
Total local banks assets dropped by 0.2 percent, posting USD 72 billion (USD 237 billion), while the local banks' overall assets climbed by 4.4 percent to KD 7.8 billion (USD 25.7 billion).
Time deposits with the the CBK amounted, in May, to KD 1.9 billion (USD 6.2 billion), while deposits of cash credit facilities settled at KD 39 billion (USD 128.7 billi9on).
Meanwhile, average interest rates on treasury bonds of one-year maturity settled at 1.5 percent.
Financing of Kuwaiti imports dropped by 15.8 percent in May, posting KD 257 million (USD 848 million) while the rate of the US dollar steadied at 308.8 fils. (end) fnk.rk