Kuwait economy on road to recovery; KD 2.5b loans given in 5 mths – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Kuwait economy on road to recovery; KD 2.5b loans given in 5 mths – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, July 7: The credit granted by the Kuwaiti banking sector continued its growth during last May, bringing all types of loans granted to all economic sectors to about 2.5 billion dinars within the first five months of 2022 reaching a new record level at 44.8 billion dinars at the end of last May, reports Al- Anba daily. On a monthly level, the credit granted by Kuwaiti banks increased during last May by 1.6 percent, with a value of 722 million dinars, compared to last April, which reached the level of credit at the end of 44.1 billion dinars.

This rise coincides with the clear recovery of the Kuwaiti economy since the beginning of this year, supported by the rise in oil prices to record levels and the gradual improvement in the pace of consumer spending. The increase in consumer loans granted to purchase durable goods and cars continued for the fourth consecutive month, recording a monthly increase of 0.75%, with a value of 14 thousand dinars during last May, to reach 1.86 billion dinars, compared to 1.85 billion dinars in last April.