CBK: Broad money supply declines 0.3%
Total assets of local banks also dipped marginally by 0.1 percent to KD 95.9 billion ($316 billion), while net foreign assets at local banks dropped by 3.4 percent to KD 14.8 billion ($48.8 billion). Meanwhile, time deposits held at the Central Bank remained stable during the month at KD 750 million ($2.5 billion). In contrast, cash credit facilities, which include loans extended by local banks, rose by 1.3 percent to KD 59 billion ($194.7 billion), reflecting continued credit growth.
The data also showed that financing of Kuwaiti imports increased by 2.4 percent to KD 734 million ($2.4 billion) in May. The average exchange rate of the US dollar against the Kuwaiti dinar saw a slight decline of 0.1 percent, settling at 306.8 fils. The CBK clarified that in its narrow definition, the money supply comprises cash in circulation and demand deposits used in everyday transactions. In its broader sense, it includes current money in addition to savings and time deposit accounts. — KUNA
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