Kuwait reserve assets hit $39bn

KUWAIT: State reserve assets amounted to KD 11.9 billion ($39.2 billion) by the end of May, the Central Bank said yesterday. These assets are made up of gold, Kuwaiti reserves with the International Monetary Fund, special drawing rights, currency and deposits – excluding external assets of the Public Investment Authority.

The official state assets are at the disposal of the relevant monetary authorities to meet needs of balance of payment funding or intervention in the market to affect exchange rates.

The bank said in a press release that overall currency and assets reached by the end of May KD 11.2 billion ($36.9 billion), including paper and metallic banknotes, namely foreign currencies in circulation for securing payments. – KUNA