The National Bank of Kuwait's weekly report revealed that domestic credit grew at a relatively moderate pace of 1.1 percent in the second quarter of this year, which led to an increase in the growth rate since the beginning of the year to date to 2 percent, and growth of 2.9 percent on an annual basis.
The report showed that the growth recorded in the second quarter was mainly driven by bank/financial institution lending, which rose by 9.2 percent on a quarterly basis, and securities purchases, which rose by 2.8 percent, rather than business sector lending/personal credit.
The report showed that the speed of implementation of development projects and the enactment of some long-awaited laws, given recent political developments, may be among the forces supporting credit growth in the future.
Source (Al-Rai Kuwaiti Newspaper, Edited)
