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Thu 24 Sep 2009 10:55 AM

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Kuwait's Aug M2 money supply steady at 18.7%

Oil exporter's M2 rose to KD24.45bn ($85.49bn) on Aug 31, from KD20.59bn a year earlier.

Kuwaiti money supply growth was steady in August from the month earlier at 18.7 percent, official data showed on Thursday.

Money supply, measured as M2, rose to 24.45 billion dinars ($85.49bn) on Aug. 31, from 20.59 billion dinars a year earlier, the central bank said in a monthly bulletin.

In July, M2 growth also stood at 18.7 percent.

In August, quasi money - which includes savings and time deposits in dinars, as well as foreign currency deposits -- rose 23.32 percent to 19.66 billion dinars, the data showed.

In July, quasi money rose 24.1 percent to 19.99 billion dinars.

M3 money supply data for August were not immediately available. July's M3 came in at 24.65 billion dinars.

Narrow money, or M1, rose 3 percent in August to 4.79 billion dinars from 4.65 billion dinars a year earlier.

Banks' total claims on the private sector, which also include their local investments, advanced 7.74 percent in the year to August to 26.46 billion dinars, the data showed.

Total credit facilities concluded with residents climbed 60.3 percent in the year to August to 762.8 million dinars -- down from 984.3 million dinars in July. (Reuters)

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