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Kuwait’s foreign reserves up 21% in June

Kuwait’s foreign reserves up 21% in June
Central Bank of Kuwait

Mubasher: Kuwait’s foreign reserves increased by 20.99% during June, maintaining an upward trend for the third consecutive month, according to the monthly bulletin data by the Central Bank of Kuwait (CBK).

The reserve assets amounted to KWD 13.92 billion ($45.65 billion) by the end of June 2020, compared with KWD 11.51 billion ($37.74 billion) in June 2019.

On a monthly basis, the Kuwaiti reserve grew by 1.83%, compared with KWD 13.67 billion in May.

Total currency deposits increased by 21.74% year-on-year (YoY) to KWD 13.115 billion.

In addition, the Kuwaiti reserve position at the International Monetary Fund (IMF) grew by 51.81% to KWD 214.2 million, from KWD 141.1 million in June 2019, increasing by 5.73% on a monthly basis.

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