{"id":218774,"date":"2022-02-07T16:00:18","date_gmt":"2022-02-07T16:00:18","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=218774"},"modified":"2022-02-07T10:31:43","modified_gmt":"2022-02-07T10:31:43","slug":"kuwaits-foreign-reserves","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/kuwaits-foreign-reserves\/","title":{"rendered":"Kuwait’s foreign reserves plummet in 2021"},"content":{"rendered":"

Kuwait, (Business News Report)|| <\/strong>Kuwait’s foreign reserves fell significantly last December, amid pressures on liquidity due to the Coronavirus pandemic.<\/p>\n

The Central Bank said that Kuwait’s foreign reserves decreased by 6.6% compared to December of the year 2020.<\/p>\n

The monthly report of the bank stated that the reserve assets of Kuwait decreased to 13.68 billion dinars ($45.36 billion) in December. This is compared to 14.65 billion dinars ($48.58 billion) in the same month of 2020.<\/p>\n

On a monthly basis, Kuwait’s reserves decreased by 2.77 percent in December, from 14.07 billion dinars ($46.65 billion) in the previous November.<\/p>\n

The oil-rich country\u2019s reserves included about 11.998 billion dinars ($39.78 billion) in deposits and currencies, 1.366 billion dinars ($4.52 billion) in special drawing rights with the International Monetary Fund (IMF).<\/p>\n

Kuwait’s foreign reserve includes gold (amounting to 79 tons, calculated at book value since its purchase) at about 31.7 million dinars ($105.6 million) at the end of December.<\/p>\n

The Kuwaiti economy is trying to recover from the repercussions of the Coronavirus pandemic crisis, taking advantage of the high oil prices, which represent more than 90% of government revenues.<\/p>\n

Sovereign credit rating<\/h3>\n

Fitch<\/a> has downgraded Kuwait’s sovereign credit rating from “A.A” to “A.A-“, with the future outlook changed from negative to stable.<\/p>\n

Meanwhile, the downgrade reflects the ongoing political constraints that impede addressing the structural challenges related to oil dependence, according to Fitch.<\/p>\n

In a related context, the volume of foreign direct investment in the State of Kuwait rose during the year 2020 to $46.3 billion.<\/p>\n

A government report also stated that foreign investment in Kuwait increased by $3.4 billion during the year 2020 compared to the previous year.<\/p>\n

According to the report, the increase amounted to 7.9% of the total balances of 2019, amounting to 12.98 billion dinars ($ 42.94 billion).<\/p>\n

The Minister of State for Municipal Affairs and Minister of State for Communications and Information Technology, Rana Al-Faris, said that the completion of the third field survey of direct investment in the country for the year 2021 enhances decision-making support and the realization of the “New Kuwait 2035” vision.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kuwait, (Business News Report)|| Kuwait’s foreign reserves fell significantly last December, amid pressures on liquidity due to the Coronavirus pandemic. The Central Bank said that Kuwait’s foreign reserves decreased by 6.6% compared to December of the year 2020. The monthly report of the bank stated that the reserve assets of Kuwait decreased to 13.68 billion […]<\/p>\n","protected":false},"author":4,"featured_media":218775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,7500,692],"class_list":["post-218774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-foreign-reserves","tag-kuwait"],"yoast_head":"\nKuwait's foreign reserves plummet in 2021 | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Kuwait's foreign reserves fell significantly last December, amid pressures on liquidity due to the Coronavirus pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/kuwaits-foreign-reserves\/\" \/>\n<meta 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