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Thu 12 Nov 2009 04:31 PM

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Kuwait Oct M2 money supply growth rises to 15.7%

Money supply, measured as M2, rose to KD24.73bn ($86.68bn) on Oct 31.

Kuwaiti money supply growth accelerated to 15.7 percent in October, from 14.7 percent in September, official data showed on Thursday.

Money supply, measured as M2, rose to KD24.73bn ($86.68bn) on Oct. 31, from KD21.37bn a year earlier, the central bank said in a monthly bulletin.

In October, quasi money - which includes savings and time deposits in dinars, as well as foreign currency deposits - rose 18.25 percent to KD19.83bn, the data showed.

In September, quasi money rose 17.9 percent to KD19.67bn.

M3 money supply data for October were not immediately available. September's M3 came in at KD24.58bn.

Narrow money, or M1, rose 6.3 percent in October to KD4.89bn dinars from KD4.6bn a year earlier.

Banks' total claims on the private sector, which also include their local investments, advanced 7.13 percent in the year to October to 26.89 billion dinars, the data showed.

Total credit facilities concluded with residents fell 3 percent in the year to October to 736.2 million dinars - down from KD878.1m in September. (Reuters)

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