(MENAFN - Arab Times) Kuwait Finance House (KFH) announced the distributions of returns for investment deposits that it offers to its clients in main foreign currencies, and the three-year deposit in Kuwaiti dinar for Quarter 1 of 2012. KFH achieved good returns in light of the current financial and economy statuses in local and global markets.
Treasury Department Manager Abdul Wahab Al-Roshoud said that the three-year deposit in Kuwaiti dinar achieved a return of 1.15 percent at the end of Q1. He added that this return is considered to be good compared to the returns on deposits in the local market and the current market status; especially that the economy has not yet fully recovered. He went on to say that the three-year deposit return is considered to compete with the foreign currencies deposits returns.
He noted that the Kuwaiti economy is stable compared to other markets that witness turbulences, in addition to the governmental support that Kuwaiti banks receive, which are in favor of the local currency.
He asserted that KFH has good liquidity levels, and hoped that more development plan projects will be executed soon, since they will play a role in using liquidity surplus of banks; thus allowing them to reinforce their returns. He also applauded the role played by the Central Bank of Kuwait in handling liquidity surplus.
Regarding levels of currency rates, he mentioned that KFH offers competitive rates among the local market for GCC and main international currencies. He stated that KFH offered by the end of Q1 of this year competitive returns on main foreign currencies compared to the local and overseas markets, where returns on US dollars for three months reached 0.94 percent, while returns for the US dollar during six months of the same period reached 0.97 percent, nine months 1 percent, and 1.03 percent annual return.
He added that deposits in sterling pound achieved returns during the first three months of 2012 0.87 percent, six months 0.90 percent, nine months 0.93 percent, and annual returns reached 0.95 percent. Returns in Euro for the first three months of 2012 are 0.85 percent, six months 0.88 percent, nine months 0.91 percent, and annual return 0.93 percent.
Moreover, Al-Roshoud said that most European markets still face challenges, despite recovery indicators that markets have shown during the past period, due to efforts exerted to schedule debts of some countries.