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Kuwait banknotes down, coins up in August

Finance Kuwait City 03 Oct 23
Kuwait banknotes down, coins up in August
Kuwait experiences decrease in cash circulation and increase in coins circulation in 2023.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
03 October 2023, 12:00 AM
End Time
31 October 2023, 12:00 AM
Website

Data from the Central Bank of Kuwait revealed that country experienced a 3.6 percent decrease in cash circulation, representing local liquidity. The total cash in circulation dropped from 2.02 billion dinars in July to 1.947 billion dinars in August, 2022 amounting to a reduction of 74 million dinars. This decline continued from the start of 2023, with a 2.6 percent decrease, equating to approximately 52.1 million dinars, compared to the 1.999 billion dinars reported in December of the previous year. Additionally, there was an annual decrease of 1.6 percent, amounting to 31.9 million dinars, down from 1.979 billion dinars at the end of August 2022.

According to the data for August, banknotes saw a monthly decrease of 2.6 percent, totaling 52.4 million dinars, transitioning from 1.99 billion dinars in July to 1.91 billion dinars in August. On an annual basis, banknotes experienced a 1.6 percent decrease, equivalent to 32.4 million dinars, compared to the 1.948 billion dinars recorded in August 2022. Over an eight-month period, banknotes dropped by 2.6 percent, reaching 1.968 billion dinars in December from 1.999 billion dinars.

Meanwhile, the supply of coins increased by 0.7 percent, totaling 229 thousand dinars during the first seven months of 2023. This rise elevated the total from 31.134 million dinars at the end of December to 31.363 million dinars in August. Furthermore, there was a 1 percent annual increase, equivalent to 319 thousand dinars, up from 31.044 million dinars in August 2022. The balance of coins remained steady on a monthly basis.

Breaking down the banknotes further, they are categorized into six denominations: a quarter dinar, half a dinar, a dinar, five dinars, ten dinars, and twenty dinars. The dinar category witnessed a 10 percent monthly decrease, shedding 6 million dinars and reaching 53.5 million dinars in August from 59.5 million dinars in July. However, it increased by 12.8 percent from the beginning of 2023, totaling 6.1 million dinars, compared to 47.4 million dinars in December 2022.

The half dinar category decreased by 9.14 percent monthly, amounting to a reduction of 1.5 million dinars, stabilizing at 14.9 million dinars. Meanwhile, the quarter dinar category experienced an 8.1 percent monthly decrease, equaling 1.1 million dinars, resulting in a total of 12.5 million dinars in August.

The five-dinar denomination faced an 8.2 percent monthly decrease, declining by 9.3 million dinars, from 113.4 million dinars in July to 104.1 million dinars in August. However, it showed a 1.4 percent increase over eight months, reaching about 1.4 million dinars, compared to 102.7 million dinars at the end of December.

Regarding coins, there was a 1 percent annual growth, amounting to an increase of 319 thousand dinars, as the total rose from 31.044 million dinars at the end of August 2022 to 31.363 million dinars in August. Additionally, from the start of 2023, there was a 0.7 percent increase, totaling 229 million dinars, compared to 31.134 million dinars at the end of December.

The distribution of coin denominations was as follows: 100 fils amounted to 14.16 million dinars, 50 fils reached 9.946 million dinars, 20 fils totaled 4.081 million dinars, 10 fils equated to 1.91 million dinars, and 5 fils amounted to 1.089 million dinars, while the smallest denomination, 1 fil, totaled about 12 thousand dinars.

Kuwait banking news 2023