Kuwait's official reserve assets fell last March, by 1.9 percent, on a monthly basis, to 12.19 billion dinars ($39.49 billion).
According to the Central Bank of Kuwait, Kuwait's reserve assets fell from nearly 12.42 billion dinars ($39.96 billion) in February. While the reserves increased by 5.8 percent last March on an annual basis, from 11.52 billion dinars ($37.1 billion) during the same month in 2019.
Kuwait’s reserves included 11.42 billion dinars (36.8 billion dollars) in the balance of deposits and currencies, in addition to about 564.3 million dinars (1.82 billion dollars) in Kuwait’s special drawing rights with the International Monetary Fund, and also about 166.2 million dinars (536.1 million dollars) in the balance with “International Monetary”.
Kuwait's foreign reserves increased by 7.2 percent in 2019 to $40 billion, compared to $37.1 billion the previous year.
The Kuwaiti budget was affected by the collapse of oil prices during last March, and the start of implementing precautionary measures to cope with the spread of the Coronavirus in the country. The economy of Kuwait is dependent on the oil industry, and it constitutes more than 90 percent of government revenue.
Source (Anatolia Agency, Edited)
