By Fawaz Karami KUWAIT, Sept 25 (KUNA) -- The Central Bank of Kuwait (CBK) announced on Thursday that broad money supply (M2) rose by 0.5 percent to reach KD 42.2 billion (around USD 139 billion) in August on a monthly basis.
Local banks' private sector deposits rose up by 0.6 percent to reach KD 38.4 billion (about USD 126.7 billion), said the CBK's economic research department and statistical tables.
Private sector deposits in foreign currency decreased by 0.2 percent to reach KD 2.1 billion (about USD 6.3 billion), while total local banks claims on the CBK represented by CBK bonds dropped by 50 percent settling at KD 401 million (about USD 1.3 billion).
Total local banks' assets rose by 1.2 percent to reach KD 99.9 billion (around USD 329 billion), while the net foreign assets increased by 3.2 percent to KD 15.4 billion (around USD 50.8 billion).
Meanwhile, time deposits with the CBK dropped by 12.5 percent, in August, to KD 700.2 million (around USD 2.3 billion), whereas balance of utilized cash credit (loans) rose by 1.0 percent to KD 61.7 billion (around USD 203.6 billion).
Financing of Kuwaiti imports decreased by one percent to KD 820 million (around USD 2.7 billion), while the average US dollar exchange rate against the dinar edged up by 0.1 percent to 305.4 fils.
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.amh.bb