Mubasher: Deposits at banks operating in Kuwait increased by 2.4% year-on-year in March to as much as KWD 43 billion, Kuwait Finance House (KFH) reported, citing data from the Central Bank of Kuwait (CBK).

Bank credit levelled up 5.4% to more than KWD 37.1 billion in March, up 5.2% year-on-year from KWD 35 billion, the CBK’s data showed.

Private sector deposits rose by around 5.1%, or KWD 1.8 billion, to KWD 37.1 billion by the end of March, versus KWD 35.4 billion in the same month a year earlier.

Private sector deposits edged up KWD 269 million month-on-month, or less than 1%, compared to February.

Year-on-year, demand deposits hit KWD 8.7 billion, while saving deposits increased by KWD 136 million, or 2.7%, to KWD 5.1 billion.

Private sector deposits in local currency grew more than KWD 1.6 billion, or 4.9%, year-on-year to about KWD 34.4 billion in March, with a 0.5% month-on-month drop.

Foreign-currency deposits went up 6.5% year-on-year to KWD 2.8 billion in March, against  KWD 2.6 billion and saw a 1.8% growth compared to February.

Year-on-year, public sector deposits slumped 11.5% last March.

On a monthly basis, the total value of Kuwait’s bank deposits increased by 1% in March, according to the CBK’s data.