Kuwait: Spending Levels Fall KD 4 Billion

Kuwait: Spending Levels Fall KD 4 Billion

Increase in consumer, installment loans in 2020 compared to 2019 Consumer and installment loans increased by KD 914 million, reaching KD 14. 318 billion by the end of December 2020, with consumer loans reaching KD 1. 607 billion and installment loans KD 12. 711 billion. In the end of 2019, the total consumer and installment loans were KD 13. 404 billion, with consumer loans being KD 1. 44 billion and installment loans KD 11. 959 billion, reports Al-Nahar daily. Such a situation is happening despite calls for dropping interest on loans, or rescheduling the principal for many years. In the same context, the spending level in Kuwait has witnessed a decline of KD 4 billion. Consumer card transactions recorded KD 19. 27 billion in 2020, compared to KD 23. 27 billion in 2019 due to the repercussions of the COVID-19 pandemic. According to the monthly statistics issued by the Central Bank of Kuwait, POS transactions and ATM transactions both at home and abroad recorded those values during 2020. However, the lowest total of recorded transaction values in the last three years was KD 3. 25 billion during the period from April to June. The official reserve assets of Kuwait achieved