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Kuwaiti reserves up 14.4% in May

Kuwaiti reserves up 14.4% in May
The Central Bank of Kuwait

Mubasher: Kuwait’s foreign reserves increased by 14.41% during May, according to recent data by the Central Bank of Kuwait (CBK).

Reserve assets amounted to KWD 13.67 billion ($44.52 billion) by the end of May 2020, compared with KWD 11.95 billion ($39.98 billion) in May 2019.

On a monthly basis, the Kuwaiti reserve grew by 7.39%, compared with its level in April at KWD 12.73 billion.

Total currency deposits increased by 14.79% year-on-year (YoY) to KWD 12.875 billion, while special withdrawal rights inched up by 0.21% to KWD 564.4 million.

In addition, the Kuwaiti reserve position at the International Monetary Fund (IMF) hiked by 43.37% to KWD 202.6 million.

The book value for gold reserves stood at KWD 31.7 million.