Monetary Developments February 2009

Government and institutional funds offset further outflows… Credit growth decelerates on weak demand

The government apparently completed a KD 1.8 billion transfer payment to PIFSS in February, part of the budgeted KD 6.3 billion payment for FY 08/09. As a result, the government shifted KD 466 million from its local bank accounts to accounts of semi-government institutions (such as PIFSS, KPC, etc…), which are reported as part of private deposits of residents. To complete the transfer payment, the government also likely repatriated foreign funds and transferred KD 179 million from its Central Bank of Kuwait (CBK) account. This resulted in a significant expansion in banks’ private deposits, which offset outflows by non-residents.

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