The value of cash circulating outside banks in Kuwait has declined

Kuwait saw a noticeable decline in the amount of cash in circulation outside banks in the second quarter of this year, as it fell by about 198 million dinars.

Experts attribute the decline in cash transactions to increasing awareness of the importance of electronic transactions and increased use of plastic cards.

Statistics showed a significant increase in the value of transactions using plastic cards in the second quarter, reaching about 12.10 billion dinars.

E-commerce contributed significantly to this transformation, as the value of electronic transactions reached 4.86 billion dinars at the end of the second quarter, an increase of 9.7% compared to the same period last year.

Automatic withdrawals also decreased significantly, decreasing by 7.5% by 210 million dinars.