The foreign reserve in Kuwait increased by 3.9 per cent reaching 12.254 billion Kuwaiti dinars ($40.5 billion) during November 2019 compared to from 11.794 billion Kuwaiti dinars ($39 billion) in the same month of the previous year, the Central Bank of Kuwait (CBK) said yesterday.
The CBK report showed that the reserves included 11.502 billion Kuwaiti dinars ($38 billion) in total currency and deposits and about 563.9 million Kuwaiti dinars ($1.86 billion) in Special Drawing Rights with the International Monetary Fund (IMF) as well as 156.3 million dinars ($516.7 million) in reserves at the IMF.
They also included the country’s gold reserve which amount to 79 tonnes of gold with a book value of 31.7 million dinars ($104.8 million), according to the World Gold Council (WGC).
Kuwait’s economy depends on oil revenues which constitute more than 90 per cent of government income. Kuwait produces nearly 2.8 million barrels of oil per day.