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Kuwaiti dinar

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"KWD" redirects here. For other uses, see KWD (disambiguation).
Kuwaiti dinar
دينار كويتي (Arabic)
1 Dinar of the sixth edition (2014-)
ISO 4217
CodeKWD (numeric: 414)
Subunit0.001
Unit
Symbolد.ك or KD‎
Denominations
Subunit
 1⁄1,000fils
Banknotes1⁄4, 1⁄2, 1, 5, 10, 20 dinars
Coins
 Freq. used5, 10, 20, 50, 100 fils
Demographics
User(s) Kuwait
Issuance
Central bankCentral Bank of Kuwait
 Websitewww.cbk.gov.kw
Valuation
Inflation4.7%
 SourceThe World Factbook, 2011 est.
Pegged withUS dollar (USD)[1]
$1 USD = 0.29963 KD

The Kuwaiti dinar (Arabic: دينار, code: KWD) is the currency of Kuwait. It is sub-divided into 1,000 fils. The Kuwaiti dinar is the world's highest-valued currency unit.[2]

History

See also: British currency in the Middle East

The dinar was introduced in 1960 to replace the Gulf rupee, equal to the Indian rupee. It was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence, that resulted in a conversion rate of 13+1⁄3 rupees to the dinar.

When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as the currency and large quantities of banknotes were stolen by the invading forces. After liberation, the Kuwaiti dinar was restored as the country's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized.

Coins

The following coins were first introduced in 1961:

  • 1 (١) fils (No longer issued)
  • 2 (٢) fils (No longer issued)
  • 5 (٥) fils
  • 10 (١٠) fils
  • 20 (٢٠) fils
  • 50 (٥٠) fils
  • 100 (١٠٠) fils

Banknotes

Six series of the Kuwaiti dinar banknote have been printed.

First series

The first series was issued following the pronouncement of the Kuwaiti Currency Law in 1960, which established the Kuwaiti Currency Board. This series was in circulation from 1 April 1961 to 1 February 1982 and consisted of denominations of 1⁄4, 1⁄2, 1, 5 and 10 and 20 dinars.

Second series

After the creation of the Central Bank of Kuwait in 1969 as a replacement to the Kuwaiti Currency Board, new 1⁄4, 1⁄2 and 10 dinar notes were issued from 17 November 1970, followed by the new 1 and 5 dinar notes of the second series on 20 April 1971.[3] This second series was withdrawn on 1 February 1982.

Third series

The third series was issued on 20 February 1980, after the accession to the throne of late Emir Jaber al-Ahmad al-Jaber al-Sabah, in denominations of 1⁄4, 1⁄2, 1, 5 and 10 dinar. A 20 dinar banknote was introduced later on 9 February 1986. As a result of the state of emergency after the Invasion of Kuwait, this series was ruled invalid with effect from 30 September 1991. Significant quantities of these notes were stolen by Iraqi forces and some had appeared on the international numismatic market. The "Standard Catalog of World Paper Money" (A. Pick, Krause Publications) lists notes with the following serial number prefix denominators as being among those stolen:

Denomination Prefix Denominators
1⁄4 (⁠١/٤⁠) dinar 54-86
1⁄2 (⁠١/٢⁠) dinar 30-37
1 (١) dinar 47-53
5 (٥) dinar 18-20
10 (١٠) dinar 70-87
20 (٢٠) dinar 9-13

Fourth series

After the liberation, a fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery. This fourth series was legal tender until 16 February 1995. Denominations were 1⁄4, 1⁄2, 1, 5, 10 and 20 dinar.

Fifth series

The fifth series of Kuwaiti banknotes were in use from 3 April 1994 and included high-tech security measures which have now become standard for banknotes. Denominations were as in the fourth series.

Fifth series Kuwait banknotes ("We Seek God's Assistance")
Image Value Obverse Reverse
[1] 1⁄4 dinar Coat of arms of Kuwait; Vignette of Kuwaiti Dhow "Al-Mouhaleb"; Vignette of a Kuwaiti Chest Vignette of young girls playing traditional game
[2] 1⁄2 dinar Coat of arms of Kuwait; Vignette of Kuwaiti Money Changers' Stalls; Vignette of a Kuwaiti Coffee Pot Vignette of young boys playing traditional game with marbles
[3] 1 dinar Coat of arms of Kuwait; Vignette of a traditional Oil Lamp; Vignette of Kuwait Towers Vignette of Mina Al-Shuwaikh; Vignette of a traditional Water Storage Vessel on Stand
[4] 5 dinars Coat of arms of Kuwait; Vignette of the new telecom Tower 'Liberation Tower'; Vignette of a traditional Grinding Stone Vignette of an Oil Refinery; Vignette of A’Zour Power Station; Vignette of Kuwaiti Water Tanks; Vignette of Electricity Pylons
[5] 10 dinars Coat of arms of Kuwait; Traditional water vessel; The state great Mosque Fishermen; Vignette Dhow under full sail; A traditional Kuwaiti door; A pearl diving scene; Vignette of a Kuwaiti incense burner
[6] 20 dinars Coat of arms of Kuwait; Cannon; Red Fort at Jahra Central Bank of Kuwait building; City gate of the old wall

Sixth series

Central Bank of Kuwait brought the sixth series of Kuwaiti banknotes into circulation on 29 June 2014.[4][5][6]Some of the bills are coarse so that the blind can identify them by touch.[4]

Sixth series Kuwaiti banknotes[7]
Obverse Reverse Value Dimensions (millimeters) Color Obverse Reverse Date of issue
1/4 Dinar 110 x 68 mm Brown Liberation Tower and a dhow ship A traditional wooden Kuwaiti door and the first Kuwaiti coin June 29, 2014
1/2 Dinar 120 x 68 mm Green Kuwait Towers and a dhow ship Hawksbill sea turtle and the silver Pomfret fish (Al Zubadi) June 29, 2014
1 Dinar 130 x 68 mm Grey The Grand Mosque, a bateel dhow ship Illustration of many influences of Ancient Greek Civilization in Kuwait's Failaka Island June 29, 2014
5 Dinars 140 x 68 mm Purple The new headquarters of the Central Bank of Kuwait Oil refinery and an Oil Tanker June 29, 2014
10 Dinars 150 x 68 mm Reddish-orange The National Assembly of Kuwait, a sambuk dhow ship Falcon and camel dressed in a sadu saddle June 29, 2014
20 Dinars 160 x 68 mm Blue Seif Palace, a dhow ship Kuwaiti pearl diver and Al-Boom traditional Kuwaiti dhow ship June 29, 2014

Commemorative issues

In both 1993 and 2001, the Central Bank of Kuwait issued commemorative 1-dinar polymer banknotes to celebrate its Liberation from Iraq. The first commemorative note, dated 26 February 1993, was issued to celebrate the second anniversary of the Liberation. The front features the map of the State of Kuwait, the emblem of Kuwait and on the left and right side of the note is the list of nations that assisted in its Liberation, in both English and Arabic.[8] The second commemorative note, dated 26 February 2001, was issued to celebrate the tenth anniversary of the Liberation. One feature from the note is an optically variable device (OVD) patch that shows a fingerprint, a reference to the victims of the invasion and occupation of Kuwait.[9] Even though they were denominated as 1 dinar, both of the commemorative notes state that they were not legal tender.

Exchange rates

Average exchange rate of Kuwaiti dinar against US dollar (fils)

From 18 March 1975 to 4 January 2003, the dinar was pegged to a weighted currency basket. From 5 January 2003 until 20 May 2007, the pegging was switched to 1 US dollar = 0.29963 dinar with margins of ±3.5%.[10] The central rate translates to approximately 1 KD = $3.53 USD

From 16 June 2007, the Kuwaiti dinar was re-pegged to a basket of currencies,[11] and is now worth about $3.55. It is the world's highest-valued currency unit.[12]

Current KWD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

References

  1. ^ "Exchange Rate Policy". www.cbk.gov.kw. Retrieved 14 June 2016.
  2. ^ "New Kuwaiti banknotes due to appear on Sunday designed on bases of beauty, safety". KUNA. KUNA. 28 June 2014. Retrieved 6 July 2014.
  3. ^ Linzmayer, Owen (2012). "Kuwait". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  4. ^ a b Ibn, Ifat (4 July 2011). "Friday Market Kuwait - Gulf Local Classifieds". Friday Market. Retrieved 20 March 2016.
  5. ^ "New Kuwaiti banknotes due to appear on Sunday designed on bases of beauty, safety". KUNA. KUNA. 28 June 2014. Retrieved 6 July 2014.
  6. ^ "Arab Times -Leading English Daily in Kuwait".
  7. ^ The Sixth Issue banknote series Central Bank of Kuwait (www.cbk.gov.kw). Retrieved on 2014-05-22.
  8. ^ Kuwait 1 dinar commemorative banknote (1993) Banknote Museum (banknote.ws). Retrieved on 11 February 2013.
  9. ^ Kuwait 1 dinar commemorative banknote (2001) Banknote Museum (banknote.ws). Retrieved on 11 February 2013.
  10. ^ Exchange Rates, Central Bank of Kuwait
  11. ^ "Kuwait pegs dinar to basket of currencies". Forbes. 20 May 2007. Retrieved 6 June 2007.
  12. ^ "New Kuwaiti banknotes due to appear on Sunday designed on bases of beauty, safety". KUNA. KUNA. 28 June 2014. Retrieved 6 July 2014.
Preceded by:
Gulf rupee
Ratio: 1 dinar = 131⁄3 rupees = 1 British pound 		Currency of Kuwait (pre war)
1961 – August 2, 1990 		Succeeded by:
Iraqi dinar
Reason: Iraqi invasion of Kuwait
Preceded by:
Iraqi dinar
Reason: liberation of Kuwait
Ratio: = pre-war Kuwaiti dinar 		Currency of Kuwait (post war)
early 1991 – 		Succeeded by:
Current
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