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Kuwait’s residents receive $124.6bn loans in July

Kuwait’s residents receive $124.6bn loans in July
Personal loans were the highest among total loans

Mubasher: The credit facilities granted by Kuwait’s national banks to residents in Kuwait increased by 4.19% year-on-year during July 2019, the Central Bank of Kuwait (CBK) recently disclosed.

Year-on-year (YoY), the loans of the period levelled up to KWD 37.76 billion ($124.55 billion) in July 2019 from KWD 36.24 billion ($119.54 billion).

Month-on-month, the loans from national banks edged down by 0.32% in July 2019, compared to an exceptional level of KWD 37.88 billion value in June.

It is worth pinpointing Kuwait’s government and Parliament have recently faced popular demands to drop citizens’ loans.

Personal loans were the highest among total loans with KWD 16.07 billion, followed by the mortgage loans with KWD 8.60 billion, and trade finances with KWD 3.39 billion in July 2019.

The construction sector ranked the fourth with KWD 2.04 billion worth of granted loans, followed by the industrial sector with KWD 2.01 billion, the oil and gas sector with KWD 1.61 billion, then non-banking financial institutions with KWD 1.07 billion, and general services with KWD 113.6 million.

Moreover, the agriculture and fishing sector registered KWD 19.7 million worth of loans.

In July 2019, the loans granted to non-residents in Kuwait soared to KWD 2.60 billion from KWD 2.38 billion in July 2018, a 9.24% YoY rise.

Meanwhile, net foreign assets of the Kuwaiti banking sector grew by 6.1% to KWD 18.48 billion in July 2019 from KWD 17.42 billion in the corresponding month in 2018.