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Sun 19 Oct 2008 02:13 PM

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Kuwait money supply growth steady at 15.3%

Latest figures show more than $76bn circulating in Kuwaiti economy in August.

Annual Kuwaiti money-supply growth was almost unchanged in August from the month earlier at 15.3 percent, official data showed.

M3, the broadest measure of money circulating in the economy, hit 20.628 billion dinars ($76.78 billion) on August 31 compared with 17.887 billion dinars a year earlier, the central bank said in a monthly report on its website.

Money supply growth, an indicator of future inflation, grew 15.3 percent in July. Annual inflation in Kuwait was 11.35 percent in June, the latest available data.

In August, quasi-money - which includes savings and time deposits in dinars, as well as foreign currency deposits - advanced 14 percent, slower than 16.1 percent in July.

Narrow money, or M1, rose 20.18 percent to 4.65 billion dinars in August, compared with 12.7 percent in July, the data showed.

This month, the Kuwaiti central bank cut the benchmark discount rate by 125 basis points and lowered the repurchase rate to strengthen the economic environment in the Gulf state amid a global credit crunch. (Reuters)

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