Mubasher: Total deposits at Kuwait-based banks grew by 1.2% year-on-year to KWD 43.6 billion in July, declining by 0.9% month-on-month.

Kuwait’s bank credit increased by 4.2% to reach KWD 37.8 billion in July, Kuwait Finance House (KFH) reported on Wednesday, citing data from the Central Bank of Kuwait (CBK).

Private sector deposits, including local- and foreign-currency deposits, levelled up 0.6% year-on-year to KWD 36.6 billion, compared to KWD 36.3 billion in the year-ago period.

Month-on-month, private sector deposits shrank by 1.5% in July, from KWD 37.1 billion in June.

Demand deposits increased by 1.5% year-on-year to KWD 9.1 billion in July, while saving deposits declined by 0.7% to KWD 5.1 billion.

Government sector deposits levelled up by 4.5% year-on-year to KWD 7.1 billion in July.

On a monthly basis, the GCC nation’s government bank deposits increased by 2.3% in the seventh month of 2019, from KWD 6.9 billion a month earlier.