A report issued by the Central Bank of Kuwait showed that the current account achieved a surplus of 1.6 billion dinars ($5 billion) in the first quarter of 2021. Thus, the surplus decreased by two billion dinars ($6.6 billion) from the surplus attained in the fourth quarter of 2020 of 3.6 billion dinars ($11.8 billion), which means a drop by 56.2%.
The Central Bank of Kuwait attributed this decline to the decrease in the value of the total imports listed on the credit side of the account by 2.2 billion dinars (7.2 billion dollars) on the one hand, and the decrease in the value of the total payments listed on the debit side by 238.8 million dinars (788 million dollars) on the other hand.
The Central Bank indicated that the value of the commodity balance surplus increased by about 808.6 million dinars ($2.6 billion) in the first quarter of 2021, a decrease of 70.7%, to reach 1.9 billion dinars ($6.2 billion), compared to 1.1 billion dinars ($3.6 billion) during the fourth quarter of 2020, attributing this mainly to the increase in the value of oil exports.
The situation of the overall balance of payments recorded a deficit of 1.2 billion dinars ($3.9 billion) during the first quarter, compared to a deficit of about 900 million dinars ($2.9 billion) in the fourth quarter of 2020.
Source (Al-Arabiya.net website, Edited)
