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Kuwait inflation to ease to 4.3% in 2012  Join our daily free Newsletter

MENAFN - 30/12/2012

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(MENAFN) The Kuwaiti central bank expected inflation in the Gulf state to ease to 4.3 percent this year and 4.1 percent next year from 4.8 percent in 2011, state news agency KUNA reported, citing central bank governor Mohammed Al Hashel.

Inflation in the oil rich country has been slowing gradually since mid-2011, mostly due to lower food prices. Consumer prices rose 2.3 percent from a year earlier in November.

Al Hashel said that non-performing loans (NPLs) at Kuwaiti banks amounted to around 6.8 percent of total credit portfolios in the first nine months of this year.

He added that the banks had set aside provisions totaling 82.2 percent of the NPLs.

Kuwaiti banks took heavy provisions earlier this year, eating into first-half profits, as political crisis between the cabinet and parliament threatened to undermine the economy.

In October, the central bank has cut interest rates by 50 basis point, as it seeks to kickstart bank lending.

 






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