Mubasher: Kuwait’s foreign reserves registered an annual rise by 7.6% or KWD 865 million ($2.84 billion) last January, according to recent monthly data by the Central Bank of Kuwait (CBK).

The foreign reserves amounted to KWD 12.27 billion ($40.31 billion) by the end of January 2020, compared to KWD 11.40 billion ($37.47 billion) in the same month a year earlier.

On a monthly basis, foreign reserves in Kuwait grew by 1.5% in January after they recorded KWD 12.09 billion ($39.73 billion) a month earlier.     

The growing reserves were bolstered by 7.9% higher currency and deposits accounts, annually, over January 2020 at KWD 11.51 billion as compared to KWD 10.66 billion, while edging up monthly by 1.5%.   

In the meantime, Kuwait's reserves at the International Monetary Fund (IMF) stabilised for the second consecutive month at KWD 165.7 million when compared to KWD 128.2 million, surging by 29.25% annually.

The book value of gold reserves in Kuwait remained unchanged at KWD 31.7 million in January, whereas the special drawing rights (SDRs) decreased by 2.88% annually to stand at KWD 563.9 million in January 2020 from KWD 580.6 million, stabilising for the third month in a row.