The Central Bank of Kuwait revealed that Kuwait's foreign reserve assets rose by 24.92 percent y-o-y in October, setting a new record. Indicating that reserve assets increased to 14.741 billion dinars (48.5 billion dollars) in October, compared to 38.8 billion dollars in the same month of 2019.
On a monthly basis, the foreign reserves increased by 0.61 percent in October, from $48 billion in the previous September.
Kuwait's reserves included about $13.93 billion in deposits and currencies, in addition to about $1.85 billion in special drawing rights for Kuwait with the International Monetary Fund, and about $705 million balance at the International Monetary Fund.
Kuwait's gold reserves reached about $104 million last September. According to the latest report of the World Gold Council, the Kuwaiti Central Bank possesses about 79 tons of gold, whose market value exceeds about $5 billion.
Kuwait approved a package of measures to support the economy to recover from the Corona pandemic and low oil prices, and according to the data released by the Institute of Sovereign Wealth Funds, the assets of the Kuwait Investment Authority (sovereign fund) decreased by $58.3 billion from $592 billion at the beginning of this year to $533.65 billion last May.
Source (Al-Arab Newspaper-London, Edited)
