Cur­rent ac­count posts sur­plus of $10 bil­lion: CBK

Kuwait Times - - Front Page -

KUWAIT: The Cen­tral Bank of Kuwait (CBK) said yes­ter­day that the cur­rent do­mes­tic ac­count posted a sur­plus of KD 3.2 bil­lion ($10.5 bil­lion) in Q2 2019 against KD 2.6 bil­lion ($8.5 bil­lion) in the year’s Q1. The CBK re­ported in a press re­lease, mark­ing is­suance of pre­lim­i­nary data of Kuwait bal­ance of pay­ments for Q2 2019 and the amended data for Q1, a 21.4 per­cent growth in Q2, reach­ing KD 528 mil­lion ($1.7 bil­lion). It al­luded growth of the bal­ance of pay­ments to a rise in debt pay­ments in Q2, es­ti­mated at KD 568.4 mil­lion ($1.8 bil­lion), 5.9 per­cent com­pared to Q1.

The growth in­crease was also a re­sult of a de­cline in col­lected debts dues, es­ti­mated at KD 40 mil­lion ($132 mil­lion). Ini­tial data of the bal­ance of pay­ments in Q2 showed a rise of the value of the com­mod­ity bal­ance by KD 287.5 mil­lion ($948.7 mil­lion), 10 per­cent, as com­pared to Q1, where the sur­plus value reached some KD 3 bil­lion ($9 bil­lion). The ser­vices ac­count posted a drop in deficit value in Q2 by KD 326.8 mil­lion ($1 bil­lion), com­pared to the KD 2 bil­lion ($6.6 bil­lion) deficit in Q1.

As to the fi­nan­cial ac­count, ini­tial sta­tis­tics showed that the net value of ex­ter­nal as­sets amounted to KD 184 mil­lion ($607 bil­lion), in con­trast to Q1. The as­sets dropped in Q2 by KD 184 mil­lion ($607 bil­lion) com­pared to Q1. As a re­sult of devel­op­ments in the main ac­counts of the bal­ance, its over­all sta­tus posted in Q2 a sur­plus amount­ing to KD 1.3 bil­lion ($4 bil­lion), against KD 2.1 bil­lion ($6.9 bil­lion) in Q1.

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