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Kuwait’s FX reserves grow 5.23% in October

Kuwait’s FX reserves grow 5.23% in October
Kuwait’s foreign reserves rose by 5.23% year-on-year

Mubasher: Kuwait’s foreign reserves rose by 5.23% year-on-year in October, the Central Bank of Kuwait’s (CBK) monthly statistics showed on Wednesday.

The Gulf country’s foreign currency exchange reserves amounted to KWD 11.801 billion ($38.939 billion) last October, compared with KWD 11.214 billion ($37.003 billion) in the same month last year.

This was mainly ascribed to higher total currency and deposits, which climbed by 5.34% to KWD 11.049 billion during the reported month, compared with KWD 10.489 billion a year ago.

On a monthly basis, Kuwait’s foreign reserves posted a 0.25% growth in October, from KWD 11.772 billion ($38.844 billion) in September.

Furthermore, Kuwait held reserves of KWD 156.3 million at the International Monetary Fund (IMF) in October, a year-on-year 38.32% growth from KWD 113 million, while the amount was unchanged from the preceding month.

The value of monetary gold at the CBK stood stable at KWD 31.7 million.

Meanwhile, special drawing rights retreated by 2.95% to KWD 563.5 million, compared with KWD 580.6 million last year.