CBK: Local economic data reflect Kuwait’s monetary stability

CBK: Local economic data reflect Kuwait’s monetary stability

KUWAIT: Kuwait’s available local economic and financial data and information confirm continued soundness and resilience of the monetary and financial stability conditions in the country, according to the Central Bank of Kuwait (CBK). CBK said in a statement that it continuously monitors all international economic, monetary and geopolitical developments and their impact on the global economic conditions, in light of these developments and their repercussions, and based on the requirements and conditions of the unique nature of each economy, including the country’s national economy.

In the context of the CBK’s follow-up on the indicators of domestic inflation within the indicators of monetary stability, the local inflation rate in the consumer price index slowed down after soaring to an all-time peak of 4.71 percent in April 2022 to reach 3.19 percent during Sept 2022, it said. Additionally, the KWD exchange rate continued its relative stability against the major currencies. On the other hand, residents’ deposits with banking sector increased by 5.2 percent at end of Sept 2022 compared to the end of 2021.

The total private sector’s deposits in KWD accounted for 95.4 percent of the total private sector’s deposits at end of September 2022. Moreover, credit facilities for residents and non-residents inched