The Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, revealed that residents' deposits in local banks increased by 287.7 million dinars, or by 0.7 percent, amounting to 43.45 billion, with government sector deposits increasing by 1.53 billion, and private sector deposits falling by 1.24 billion.
The 48th annual report issued by the Central Bank of Kuwait for the fiscal year 2019-2020, which contains the financial statements for the fiscal year ending on March 31, 2020, showed that the Central Bank achieved net profits for this period of 194.51 million dinars, compared to 212.12 million on March 31, 2019.
The bank achieved operating revenues of 242.86 million dinars, compared to expenses of 48.35 million dinars, while the value of the general reserve fund increased to 760.36 million, provided that the net profit achieved during the last fiscal year is transferred to it after its approval by the concerned authorities so that the total central reserve become about 955 million dinars.
The governor of the Kuwaiti Central Bank pointed out that interest rates on customers' deposits in local banks in dinars and dollars for a month and 3 months on average rose to about 2,544 and 2.767 percent, respectively.
He also noted the rise in the average interest rates on customer deposits in dinars and dollars for one and 3 months, to 1,624 and 1.785 percent, respectively.
Source (Al-Rai Newspaper-Kuwait, Edited)
