March 11 (Reuters) - Kuwait money supply, an indicator of future inflation, grew 26 percent in the year to February, just below a 14-year peak the month earlier, central bank data showed on Tuesday.
M3, the broadest measure of money circulating in the economy, hit 20.19 billion dinars ($74.42 billion) on Feb. 29 compared with 16.02 billion dinars a year earlier, the central bank said in a statement on its Web site.A 28.4 percent rise in quasi-money to 15.63 billion dinars drove the money supply increase. Quasi-money includes savings deposits and time deposits in dinars, as well as foreign currency deposits.Money supply jumped 27 percent in January, its fastest pace of growth since at least 1994.Kuwait is the only Gulf Arab oil producer that does not peg its currency to the dollar. Inflation in the world’s seventh-largest oil exporter hit a fresh record of 7.3 percent in October, the latest available figure.
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