KUWAIT'S FOREIGN RESERVES INCREASED BY 9% IN JULY

  • 13/09/2022

Kuwait City: According to official data obtained from the Central Bank of Kuwait, the value of Kuwait's foreign reserves increased by 9.09 percent year on year as of the end of July, supported by special drawing rights, foreign currency reserves, and deposits abroad (direct).


 Kuwait's official reserves were worth KD 14.435 billion ($ 47.001 billion) at the end of July, up from KD 13.233 billion ($ 43.087 billion) in July 2021. Kuwait's foreign reserves increased by 0.28 percent month on month in July, from KD 14.394 billion in June. The value of Kuwait's foreign reserves, however, excludes the assets of the state's sovereign fund, which is ranked fourth in the world at $708.42 billion.

The increase in reserves was due to a 3.56 percent increase in foreign currency and deposits abroad in July, compared to KD 12.343 billion in the same month in 2021, with a monthly growth of 0.32 percent. 

The second reason for reserve growth was the special drawing rights, which totaled KD 1.339 billion last month, an increase of 133.68 percent from KD 573.4 billion in July 2021, with monthly stability. In contrast, the item of reserve status with the International Monetary Fund fell by 0.89 percent in July to KD 234.4 billion, down from KD 236.5 billion in the same month last year. The gold reserves' book value remained constant at KD 31.7 million. Foreign securities, which include highly liquid securities, equity, and marketable debt instruments, have stabilised at KD 47.4 million.

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