– The Central Bank of Kuwait (CBK) on Tuesday revealed a surplus during Q3 2021 of KD 2.6 billion million (USD 8.5 billion) in the Current Account against a surplus of KD 3.2 billion during the previous quarter, i.e. a decrease by 20.1 percent equivalent to KD 656.0 million (USD 2.1 billion).
This drop is attributable to the rise in the value of receipts on the credit side of the Current Account by KD 385.8 million (USD 1.2 billion) or 4.8 percent compared with the previous quarter, and the increase in the value of payments on the debit side of the Current Account by approximately one billion dinars (USD 3.3 billion) or 21.5 percent compared with the previous quarter, according to CBK’s preliminary data.
Furthermore, preliminary data indicated a rise in the surplus of the Balance on Goods by KD 244.0 million (USD 805 million) or 8.3 percent to reach KD 3.1 billion (USD 10.2 billion) during Q3 2021, against KD 2.9 billion (USD 9.5 billion) during the previous quarter.
The Services Account (net value of services transactions between residents and non-residents that include transportation, travel, communications, construction, other services as well as government services and goods) recorded a deficit reached to one billion dinars (USD 3.3 billion) during Q3 2021, according to the state.
Regarding the Financial Account (recording transfers of financial assets and liabilities between residents and non-residents), the preliminary data indicate net capital outflows (growth in residents?’ net investments abroad) of KD 2.2 billion (USD 7.2 billion) during Q3 2021 against net capital outflows of KD 2.6 billion (USD 8.5 billion) during the previous quarter.
As a result, the overall position of Kuwait?’s BoP recorded a surplus of KD 296.0 million (USD 976.8 million) during Q3 2021 against a surplus of KD 278.1 million (USD 917.4 million) during the previous quarter, showed the data.
From a broader sense, and taking into consideration the change in the net value of external assets of some institutions listed under “General Government” and changes in CBK?’s reserve assets, the BoP?’s overall position, in a broad definition, indicates a surplus of KD 1.9 billion (USD 6.2 billion) during Q3 2021 compared with a surplus of KD 3.5 billion (USD 11.5 billion) during the previous quarter
Source: Kuwait News Agency