Kuwait's foreign reserves increased 8% in 2022

Traders, mask-clad due to the COVID-19 coronavirus pandemic, stand at the entrance of the Boursa Kuwait (Kuwait’s national stock exchange) building on 1 December 2020. [YASSER AL-ZAYYAT/AFP via Getty Images]

Official Kuwaiti data revealed yesterday that the country’s foreign reserves increased by eight per cent in 2022, amid improved oil revenues.

The Central Bank of Kuwait’s monthly report indicated that the Gulf state’s reserves rose to 14.779 billion dinars ($48.5 billion) at the end of December 2022, from 13.68 billion dinars ($44.9 billion) at the end of the corresponding month of 2021.

The reserves of the oil-rich country included nearly 13.12 billion dinars ($43 billion) in deposits and currencies. They do not include the foreign assets of the state-run General Investment Authority, which exceed $708.4 billion, according to the latest data of the Sovereign Wealth Funds Institute (SWFI).

The oil sector represents more than 90 per cent of the Kuwaiti government’s revenues, so the country benefited from oil prices’ recovery over the past months .

Kuwait currently produces more than 2.8 million barrels of oil per day.

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