Kuwait current account posts USD 10 bln surplus — central bank

KUWAIT, The Central Bank of Kuwait (CBK) said on Wednesday that the current domestic account posted a surplas at KD 3.2 billion (USD 10.5 billion) in Q2 2019 against KD 2.6 billion (USD 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 (USD 1.7 billion).

It alluded growth of the balance of payments to rise of debts’ payments in Q2, estimated at KD 568.4 million (USD 1.8 billion), 5.9 percent compared to the Q1.

The growth increase was also result of decline of collected debts dues, estimated at KD 40 million (USD 132 million).

Initial data of the balance of payments, in Q2, showed rise of the value of the commodity balance by KD 287.5 million (USD 948.7 million), 10 percent, as compared to Q1, where the surplus value reached some KD three billion (USD nine billion).

The services account posted a drop in the deficit value in Q2 by KD 326.8 million (USD one billion), compared to the KD two billion (USD 6.6 billion) defict in Q1.

As to the financial account, the initial statistics showed that the net value of the external assets for the residents amounted to KD 184 million (USD 607 billion), in contrast to Q1.

The assets dropped in Q2 by KD 184 million (USD 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 KD 1.3 billion (USD four billion), against KD 2.1 billion (USD 6.9 billion) in Q1.

Source: Kuwait News Agency