Reserve assets of the State of Kuwait increased by 1.8 percent in June, at a new record for the third month in a row. The rise comes despite the repercussions of the "Corona" pandemic on the Kuwaiti economy, and the collapse of oil prices, the main source of Kuwait's public revenue.
On an annual basis, reserves increased by 21% in June, from $37.7 billion in the same month in 2019.
Kuwait's reserves included about $43 billion in deposits and currencies, in addition to about $1.83 billion in special drawing rights for Kuwait with the International Monetary Fund, and about $702.4 million balance at the International Monetary Fund.
In parallel, total deposits in the banking sector amounted to about 45.021 billion dinars at the end of last June, an increase of 299.6 million dinars on a monthly basis, compared to May, while the growth of deposits reached 3.19 percent since the beginning of this year, and 2.26 percent compared to June of last year. Total private sector deposits increased by 646.2 million dinars compared to May, to 37.748 billion, a growth of 1.74 percent, while the increase was 4.16 percent since the beginning of 2020, and 1.7 percent on an annual basis (compared to June 2019).
Source (Al-Rai Newspaper-Kuwait, Edited)
