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10 December 2023

Kuwait money-supply growth near 13-yr high in Nov

By Agencies


Kuwait money supply, an indicator of future inflation, grew more than 20 per cent in October and November, just off a 13-year high, paced by investments in time and savings deposits, the central bank said on Wednesday.

M3, the broadest measure of money circulating, rose 20.3 per cent to 19.02 billion dinars ($69.29bn) at the end of November, from 15.82bn a year earlier, the central bank said on its website.

In October, M3 grew 21.12 per cent to 18.68 billion dinars, up from 18.89 per cent a month earlier, it added.

Money supply in July grew at its fastest pace since at least 1994, when it rose 22.46 per cent.

The growth in November was spurred by a 21 per cent rise in quasi-money to 14.78 billion dinars. Quasi money includes savings deposits and time deposits in dinars, as well as foreign currency deposits.

Annual inflation in the Middle East's fourth-largest oil exporter hit a record 6.2 per cent in September. Kuwait is the only Gulf Arab state that does not peg its currency to the weak US dollar. (Reuters)