Current account posts surplus of $10 billion: CBK

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. -KUNA

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