Kuwait’s Monetary Reserve Records its Highest Historical Levels

  • Kuwait, State of Kuwait
  • 21 September 2020

Kuwait’s monetary reserve recorded its highest historical level at the end of last August, after it rose to 13.55 billion dinars (44.39 billion dollars), an increase on a monthly basis by 3.8 percent and a value of 494 million dinars (about 1.62 billion dollars), to exceed its highest historic level in June, when it reached 13.11 billion dinars (42.9 billion dollars).

The increase in Kuwait's foreign cash reserves coincides with the remarkable recovery from the repercussions of the Coronavirus, the gradual return of economic life and the rise in oil prices. This increase comes with the return of foreign inflows to their investments in the Kuwait Stock Exchange, where foreign investment achieved a net purchase of 21.8 million dinars (equivalent to $71.36 million) during the August transactions of this year. These reserves cover Kuwait's import needs for more than 13 months, which is 4 times the global average.

According to the Central Bank of Kuwait, the total assets of the bank reached 13.72 billion dinars, distributed among the liquid foreign reserves, which represent 13.55 billion dinars, in addition to gold reserves, which amounted to 31.7 million dinars, and other reserves amounted to 130.88 million dinars.

Source (Al-Arabiya.net, Edited)

Get an annual subscription in the quarterly Arab Economic bulletin