Kuwaiti consumers go on spending binge as government writes off interest on $2.6bn in loans - The National

Kuwaiti consumers go on spending binge as government writes off interest on $2.6bn in loans - The National:

"Kuwaiti consumer lending is climbing at the fastest pace in more than four years after the state agreed to write-off interest on US$2.6 billion in loans, fueling a spending binge on products from mobile phones to cars.

Bank loans to individuals grew 13.3 per cent in the year to April, the latest figures available and the highest level since November 2008, according to the central bank. That compares with a 5 per cent increase in the UAE, home to the Middle East's shopping hub of Dubai. Consumer lending in Kuwait outstripped companies, which rose 1.7 per cent in the period."

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