By: Ahmed Awad
Kuwait - Mubasher: The Central Bank of Kuwait (CBK) reported on Thursday a massive increase in public debt issuance by the end of October to KWD 9.6 billion ($9.6 billion).
Debt issuances rose in October by 7.2% or KWD 200 million compared with September, and surged 88% or KWD 1.57 billion compared with October 2015.
The pace of public debt issuances has been on the rise since April, coinciding with the government’s plans to finance the budget deficit with local bonds and securities of about KWD 2 billion.
Credit from banks declined 2% in October to KWD 34 billion, according to the CBK.
The decline was pressured by fewer facilities used to purchase securities by 15% or KWD 480 million to KWD 2.7 billion from KWD 3.2 billion in September.
Foreign exchange reserves grew by 11% month-on-month to KWD 9 billion during October.
Meanwhile, total banks’ assets decreased by KWD 563 million to KWD 60 billion, compared with KWD 60.6 billion in the previous month.
Money supply inched down 0.07% month-on-month in October to KWD 35.63 billion from KWD 35.65 billion.
Translated by: Mahmoud El-Zahwey
