Kuwait's foreign reserves rise $391 million in February
Kuwait City, Kuwait

Kuwait / TEH: Official data showed, on Wednesday, that the foreign reserve assets of the State of Kuwait increased last February by 0.85 percent, or $391.1 million on a monthly basis, amid the recovery in oil prices.

The monthly report of the Central Bank of Kuwait indicated that the country’s reserve assets rose to 14.015 billion dinars ($46.06 billion) last February, compared to 13.896 billion dinars ($45.67 billion) in January.

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On an annual basis, reserves decreased by 1.8 percent in February, from 14.272 billion dinars ($46.91 billion) in the same month of 2021.

The oil-rich country’s reserves included about 12.33 billion dinars ($40.52 billion) in deposits and currencies, in addition to about 1.366 billion dinars ($4.48 billion) in Kuwait’s special drawing rights with the International Monetary Fund. The Eastern Herald online magazine.

It also consists of about 236.5 million dinars (777.3 million dollars) in balance with the International Monetary Fund.

Kuwait’s foreign reserve includes gold (79 tons, calculated at book value since its purchase) at about 31.7 million dinars ($104.2 million) by the end of February 2022.

The Kuwaiti economy is trying to recover from the repercussions of the Corona crisis during the past two years, taking advantage of the high oil prices, which represent more than 90% of government revenues.

The foreign reserve does not include the foreign assets of the General Investment Authority (the sovereign fund) that exceed $737 billion, according to data from the Sovereign Wealth Funds Institute “SWFI”.

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