Central Bank: 550,194 Kuwaitis’ loans amount to KD 14.7 billion

Central Bank: 550,194 Kuwaitis’ loans amount to KD 14.7 billion

KUWAIT: The Central Bank of Kuwait has revealed that the number of people who have taken consumer or housing loans amount to 550,194, and the percentage of people unable to repay their loans is around 2.3 percent of total loaners. “The total amount of the loans is KD 14.7 billion, 13 billion of which is for housing and 1.7 billion for consumption,” the CBK said in data published under the title ‘Facts about loans and personal finance operations for consumption and housing’.

“The adherence rate is around 97.5 percent, which is high under supervision regulations that aim to protect the banking sector, increase financial stability and a basis for providing such loans,” the CBK said. “What supports this adherence rate are the procedures put in place by the CBK, which involves continuous inspection from outside supervisors of all loans. Moreover, the CBK’s own supervision and field inspections supervise adherence to bank instructions,” it added.

“All loans by citizens have a special importance, as it affects a large number of citizens and its relative importance to banks, which in turn controls growth in order to maintain cash and financial stability,” it said. “Instructions define consumer loans as a personal loan that does not