By: Eman Ghaly

Mubasher: The Kuwaiti foreign currency reserves grew by 5.01% year-on-year to KWD 11.588 billion ($38.236 billion) in July 2019.

On a monthly basis, reserves increased by 0.69% to KWD 11.508 billion in July, compared to a month earlier, according to a report released on Wednesday by the Central Bank of Kuwait (CBK).

The growth in Kuwait’s international reserves was supported by the increase in total currency and deposits at the CBK, which went up by 0.58% month-on-month to KWD 10.835 billion.

The GCC country’s reserves at the International Monetary Fund (IMF) rose by 12.62% month-on-month to KWD 563.2 million in July, the CBK’s data showed.

On the other hand, special drawing rights declined to KWD 563.2 million during the seventh month of the year, compared to KWD 580 million in the year-ago period, stabilising for the month.

The value of monetary gold at the CBK also stabilised at KWD 31.7 million in July.

Translated by: Muhammad Abdul-Wakeel