March 25, 2023

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Kuwait ... Foreign reserves rise by $ 713 million a month

Kuwait … Foreign reserves rise by $ 713 million a month

How Much Mortgage Assets?

$ 712.8 million on a monthly basis.

What is the reason for this increase?

Continued recovery in oil prices.

Kuwait’s foreign reserves rose 1.57% or $ 712.8 million on a monthly basis last January, amid a recovery in oil prices.

The country’s reserves rose to 13.896 billion dinars ($ 45.85 billion) in January, compared to 13.68 billion dinars ($ 45.14 billion) in December 2021, according to official data from the Central Bank of Kuwait today.

On an annual basis, reserves fell 2.4 percent from 14.24 billion dinars ($ 46.99 billion) in January 2021.

The oil-rich country has about 12.214 billion dinars ($ 40.3 billion) in deposits and about 1.366 billion dinars ($ 4.5 billion) in addition to Kuwait’s International Monetary Fund special drawing rights.

It holds about 236.5 million dinars ($ 783.23 million) in the International Monetary Fund.

Kuwait’s foreign reserves include about 31.7 million dinars ($ 105.6 million) worth of gold (79 tonnes, calculated in book value since purchase) by the end of January 2022.

Last December, Kuwait’s foreign reserves fell 6.6% year-on-year.

The Kuwaiti economy has been trying to recover from the aftermath of the corona crisis over the past two years, using high oil prices to represent more than 90% of government revenue.

Foreign assets of the Public Investment Authority (Sovereign Fund) exceeding $ 737 billion are not included in foreign reserves, according to data from the sovereign wealth fund “swfi”.

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