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Kuwait money supply slips to 18.97pc

Kuwait, April 21, 2008

Annual money supply in Kuwait grew at its slowest pace in the last six months at 18.97 per cent, according to central bank data.

M3, the broadest measure of money circulating in the economy, hit KD20.39 billion ($76.83 billion) on March 31 compared with KD17.14 billion a year earlier, the central bank said.

Kuwait money supply, an indicator of future inflation, grew 26 per cent in the year to February, just below a 14-year peak in January.

February's rise in money supply was the slowest since September. Quasi money grew 18.5 per cent in February to KD15.54 billion - down from a 28.4 per cent rise. Currency in circulation grew 4.2 per cent to KD665.8 million, the central bank said.

Kuwait severed its link to the ailing US dollar in May, saying the weak dollar was fuelling inflation by making some imports more expensive.

Inflation in the country hit a fresh record of 7.54 per cent in December, the latest available figure.

The central bank has been urging lenders to slow down credit growth, tightening bank curbs on consumer lending to try to rein in inflation.




Tags: Kuwait | money supply | slip |

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