Kuwait, Bahrain money supply up 15%

by Talal Malik Tuesday, 07 August 2007

The money supply of Gulf oil-rich kingdoms Kuwait and Bahrain at its broadest measure both rose above 15 % year-on-year in June, official data from respective central banks showed on Monday.

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The M3 money supply in Kuwait rose 15.6% in the year to May to KD17.4 billion whilst in Bahrain, M3 rose by 22.1 % to BD5.578 billion ($14.80 billion) in June. It fell from a record BD5.582 billion in May.
Kuwait’s central bank defines M3 as currency in circulation with the public, dinar sight deposits, quasi-money and private sector deposits with deposit-accepting investment companies.

For net foreign assets, Kuwait’s central bank’s holdings, including gold, and deposits and cash balances, surged 94.7% in the year to June to KD5.66 billion, compared with KD2.9 billion a year earlier.

The Bahraini central bank's net foreign assets, including gold, jumped 42.1% to BD1.12 billion in June, also record high.



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