Kuwait cash reserve with IMF remains same as 2021

Kuwait’s cash reserve maintained with the International Monetary Fund (IMF) in January is at the same level of KD 236.5 million as last November and December. It is the same record level achieved in July, according to the Central Bank of Kuwait’s data for January 2022, reports Al-Anba daily.

On an annual basis, the volume of Kuwaiti reserves deposited with the IMF increased by 7.9 percent at the end of January, at a value of KD 17.3 million, compared to their level of KD 219.2 million at the end of January 2021.

The status of the reserve in IMF consists of the reserve tranche, which is the amount of foreign currency that a member country may withdraw from IMF within a short period and the debt to IMF (according to a loan agreement) in the account of public resources, which are at the disposal of the member country. This includes the reporting country’s lending to the IMF under the General Agreements to Borrow, and the New Agreements to Borrow. The claims on the fund released in SDRs are foreign currency claims.

The volume of special drawing rights during the month of January also maintained the same levels of the past four months, reaching KD 1.36 billion, which are international reserve assets created by the IMF as a supplementary reserve asset to the reserve assets of the member countries of the fund. The fund distributes the special drawing rights among its members on the basis of the rate of their shares in the fund.