Kuwait’s budget surplus hits $24.25b in first 8 months

24 Dec 2010

(MENAFN) Kuwait’s Ministry of Finance said that in the first eight months of the fiscal year ending March 31, the country had a preliminary budget surplus of $21.24 billion, Bloomberg reported.

According to ministry data, during the mentioned period, state income was at $46.5 billion and spending amounted to $25 billion.

Official data also showed that the country may post a budget surplus of as much as $18.9 billion for the current fiscal year since it was able to top government revenue forecasts for the whole year within the first six months.

The country’s largest commercial bank’s forecast revealed that the surplus will total between $12.1 billion and $18.9 billion.

Separately, Kuwait is the only Gulf Arab state to have dropped its currency’s peg to the dollar, giving it more control over monetary policy.

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