According to geographical breakdown, Kuwaiti residents spent approximately $35.2 billion of their money locally on direct purchases through POS or online in addition to cash withdrawals, while their purchases outside of Kuwait amounted to $2.1 billion, with spending by citizens and residents abroad increasing by around 20% over the comparison period.
The value of direct purchases by Kuwaiti residents through outlets increased by 11.3% in the first quarter of 2023 compared to the same period of 2022, while the value of direct purchases inside Kuwait increased by 10% and outside Kuwait by about 31%. .
In terms of cash withdrawals, it increased by only 3%, amounting to 277 million dollars, reaching 9.3 billion dollars for the period from January to the end of March 2023, against 9.1 billion for the same period in 2022. Cash withdrawals inside Kuwait increased Cash withdrawals outside of Kuwait amounted to approximately $9 million, reaching approximately $247 million in the first quarter of 2023 , compared to $9 million.
Spending by citizens and residents of Kuwait via websites increased by 25.6% in the first quarter of this year, compared to the same period of 2022.
In a related context, data from the Central Bank of Kuwait showed that deposits continued to grow. Deposits in Kuwaiti banks increased by 1.39% at the end of the first quarter of this year, at a value of 2.1 billion dollars, reaching the level of 155 billion dollars. , compared to their levels recorded at the end of the fourth quarter of 2022, amounting to 153. Billion dollars.
The increase in deposits was driven by an increase in government deposits, which increased in the first quarter of this year by 3.02%, to a value of $329.5 million, bringing the balance of deposits from the government to $11.2 billion at the end of last March, compared to a balance of $10.9 billion at the end of the fourth quarter of 2022.
With regard to private sector deposits in dinars, they increased by 2.36%, with a value of 827 million dinars during the first quarter of this year, bringing their balance to 35.8 billion dinars at the end of March last, against a balance of around 35 billion dinars at the end of the fourth quarter of 2022, and it also increased on a monthly basis by a percentage of 0.42% against 35.7 billion dinars at the end of last February, and increased on an annual basis by 6.14% compared to March levels last year, which stood at 33.740 billion dinars. While private sector deposits in foreign currencies decreased during the first quarter by 0.22%.
Consumer loans for the purchase of durable goods and cars decreased at the end of the first quarter of 2023, by 5.74%, compared to the levels of March last year 2022.
Loans granted to Kuwaitis for the purpose of repairing or buying private housing also saw an increase in the first three months of this year, with an annual increase of 6.8% compared to March levels. last year.
Loans for the purchase of securities also increased in the first quarter of this year by 9% on an annual basis, compared to levels in March of last year.
Data from the Central Bank of Kuwait showed that Kuwait’s reserve assets increased during the first quarter of this year, reaching a level of $50.2 billion at the end of March, with a growth of 4.1 % compared to its level of December last year.
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