Kuwait Finance House KSC : KFH: Returns of three-month deposit in KD 0.80% by end of Q2 2014

 Post Date : 20/07/2014

KFH: Returns of three-month deposit in KD 0.80% by end of Q2 2014

Kuwait Finance House (KFH) announced the returns of its diverse investment deposits that it offers to its clients in foreign currencies, and the three-month deposit in Kuwaiti dinar during Q2 of this year that ends on 30/6/2014. The deposit offered good returns for investors, compared to the returns offered by other currencies, despite turbulences in global financial markets.

Acting Chief Treasury Officer at KFH Ahmad Al-Sumait mentioned that the three-month deposit in Kuwaiti dinar has achieved returns during Q2 of this year that reached 0.80%. He noted that this return is competitive, compared to what is offered by the market in other currencies, not to mention the stability of the Kuwaiti economy, and the governmental support of national banks. He added that all the previous factors attract investments in Kuwaiti dinar, and expressed his positive outlook that returns on the Kuwaiti dinar will improve gradually; especially in light of development projects and governmental support that boost the economy.

Moreover, Al-Sumait explained that KFH offered during the Q2 competitive returns compared to the local and overseas markets, where the returns in US dollars reached 0.32%, while the returns in US dollars during the past six months of the same period reached 0.35%, nine months returns reached 0.37%, and annual return of 0.40%. He added that KFH distributed returns on deposits in Euro by end of Q2 that reached 0.15%, six months returns reached 0.152%, nine months returns reached 0.157%, and annual returns reached 0.161%.

In a comment regarding the performance of currencies markets, Al-Sumait said that the performance is unsteady, despite relative improvement in the global economy. However, most analysts expect the markets to improve; especially that overall developments are better than previous years.

In addition, he stated that the American economy witnesses improvement in some of its indicators which will result in improvement in profit rates, and the UK economy also witnesses improvement in its indicators where the central bank quest to increase profit rates to rein inflation. He went on to say that European Central Bank may open the way to further apply monetary easing policy while keeping the profit rates at low levels in an attempt to ward off the risk of deflation in the Eurozone.