Banks offered KD 44.679bn credit facilities for residents by June 2022

Banks offered KD 44.679bn credit facilities for residents by June 2022

KUWAIT: In its monthly statistical bulletin for June 2022 as published on its website, the Central Bank of Kuwait (CBK) stated that the balance of total public debt instruments (including securities and bonds transactions since April 2016) has decreased by KD 450 million reaching KD 500 million by the end of June 2022 versus June 2021, that is 0.9 percent out of 2022 GDP estimated at KD 57.951 billion (EIU estimates), excluding foreign public debts.

The average interest rate (return) on public debt instruments for a one-year term was 2.750 percent, 3.250 percent for 2 years, 3.375 percent for three years, 3.625 percent for five years, 3.750 percent for seven years and 3.875 percent for 10 years. Local banks capture 100 percent of the total public debt instruments (100 percent at the end of June 2021). The CBK bulletin states that total credit facilities for residents offered by local banks by the end of June 2022 scored KD 44.679 billion, about 54.6 percent of total local banks’ assets, rising by KD 3.924 billion and indicating a growth rate of 9.6 percent over its level in June 2021.

Total personal facilities scored KD 20.502 billion or 45.9 percent out of total credit facilities