Kuwait's foreign reserve assets in 2022 increased by 8 percent year-on-year, amid improved oil revenues.
The monthly report of the Central Bank of Kuwait showed that Kuwait's reserve assets rose to KD 14.779 billion ($ 48.5 billion) by the end of December 2022, from KD 13.68 billion ($ 44.9 billion) at the end of the same month of 2021.
Kuwait's reserves included about 13.12 billion dinars ($ 43 billion) balance of deposits and currencies, 1.34 billion dinars of Kuwait's Special Drawing Rights with the International Monetary Fund, as well as 232.4 million dinars of balance with the Fund, and gold of about 31.7 million dinars by the end of December 2022. Foreign reserves do not include the external assets of the General Investment Authority (sovereign fund), which exceed $ 708.4 billion, according to the latest data from the Sovereign Wealth Fund Institute (SWFI).
The oil sector accounts for more than 90 percent of Kuwait's government revenues, so it benefited from a rebound in oil prices over the past months before declining. Kuwait currently produces more than 2.8 million barrels per day of oil, its share under the OPEC Plus agreement.
Source (Al-Araby Al-Jadeed, Edited)
