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Kuwaiti money supply growth slows in April

25 May 2010

(MENAFN) A report issued by the Central Bank of Kuwait (CBK) showed that the countryï¿½s money supply growth slowed to a seven-year low of 1.6 percent at the end of April, from 3.1 percent in the previous month, Kuna reported.

M3 growth is watched closely in the oil producing country, where soaring price pressures and average money supply growth of around 19 percent in an oil-boom led Kuwait to abandon its dollar peg in 2007.

The global downturn cut inflation rates across the Gulf last year from record, double-digit peaks in 2008 but economic recovery is expected to push consumer prices higher again this year.

Annual inflation in Kuwait, whose economy shrank last year, accelerated to 2.8 percent in January, from 2.1 percent in December, according to a separate report.

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