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Kuwait money supply growing

Kuwait, July 27, 2009

Kuwait's money supply growth accelerated to 21.6 per cent in June from 17.9 per cent in May, central bank data showed on Monday.

M3, the broadest measure of money circulating in the economy, rose to 25.19 billion dinars ($87.77 billion) in June compared with 20.72 billion dinars a year earlier, the central bank said in a monthly bulletin on its website.

Narrow money, or M1, was almost unchanged at 5 billion dinars compared to 5.01 billion dinars in the previous year. Money supply, measured as M2, accelerated to 21.5 percent in June from 17.7 percent in May.

Last week Kuwait's central bank reduced its three repurchase rates by 25 basis points each to spur the economy and lending, but left its benchmark discount rate at 3 percent.-Reuters




Tags: Kuwait | money supply | grow |

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