Mubasher: The Kuwaiti banking sector’s net foreign assets increased by 6.1% year-on-year to KWD 18.48 billion ($60.98 billion) in July 2019.

Month-on-month, net foreign assets at Kuwait-based banks inched up 0.05% from KWD 18.47 billion in June, according to data released on Wednesday by the Central Bank of Kuwait (CBK).

The CBK’s total asset grew by 5.2% year-on-year to KWD 11.03 billion in July, rising 0.55% month-on-month.

Foreign assets at the CBK increased by 4.92% year-on-year, 0.65% month-on-month, in July, to reach KWD 10.87 billion.

Moreover, Kuwaiti banks’ total assets jumped 6.64% to KWD 68.71 billion in the seventh month of 2019, compared to KWD 64.43 billion in the year-ago period.

Foreign assets at local banks went up by 16.2% year-on-year, 2.9% month-on-month, to KWD 14.98 billion in July.

The Kuwaiti foreign currency reserves grew by 5.01% year-on-year to KWD 11.588 billion ($38.236 billion) in July 2019, according to a report released by the Central Bank of Kuwait (CBK).