(MENAFN- Arab Times) KUWAIT CITY Aug 11 (KUNA): Kuwait's Money Supply (M2) surged to KD 34305.3 million up 0.9 percent month-on-month announced Monday the Central Bank of Kuwait. In its monthly bulletin the CBK's Economic Research Department stated that the local banks combined assets also rose in June by 0.9 percent to KD 54905. 5 million. The CBK's data also showed that the private sector's deposits in the Kuwaiti dinar at local banks dropped by 0.2 percent to KD 2936.9 million while deposits in foreign currencies fell by 0.6 percent to KD 3044.1 million. Local banks' claims on the CBK represented in bonds remained unchanged at KD 1950 million in June it added. Local banks' net foreign assets surged by 6.6 percent to KD 7493.1 million while time deposits with the CBK nosedived by 14.7 percent to KD 2 903.1 million in June the CBK figures indicated. Meanwhile non-resident deposits in the dinar rose by 5.8 percent to KD 740. 2 million while such deposits in foreign currencies swelled by 1.2 percent to KD 2990.4 million. The balance of utilised cash credit facilities to residents went up by 1.6 percent month-on-month to KD 30236.9 million while average interest rates on one-year treasury bonds stood at 1.0 percent the CBK figures added. Kuwait's financing of imports dropped June by about 16.4 percent reaching KD 783.8 million while the average exchange rate of the US dollar dropped 0.3 percent to 281.96 fils.
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