Kuwaiti dinar
Kuwaiti dinar (Arabic: دينار كويتي, code: KWD) is the official currency of the State of Kuwait. It is issued by the Central Bank of Kuwait. The first Kuwaiti dinar was issued by the Kuwaiti Monetary Council on April 11, 1961.[2][3]
| Kuwaiti dinar | |||
|---|---|---|---|
| دينار كويتي (Arabic) | |||
| |||
| ISO 4217 Code | KWD (numeric: 414) | ||
| User(s) |  Kuwait | ||
| Inflation | 3.15% | ||
| Source | Bank of AmericaThe World Factbook, 2017 est. | ||
| Pegged with | Undisclosed currency basket[1] $1 USD = 0.29963 KD | ||
| Subunit | |||
| 1⁄1,000 | fils | ||
| Symbol | د.ك or KD | ||
| Coins | 1, 5, 10, 20, 50, 100 fils | ||
| Banknotes | ¼, ½, 1, 5, 10, 20 dinars | ||
| Freq. used | KD 1⁄4, KD 1⁄2, KD 1, KD 5, KD 10, KD 20 | ||
| Central bank | Central Bank of Kuwait | ||
| Website | www.cbk.gov.kw | ||
The first twenty dinars banknote was issued on February 9, 1986. The Central Bank of Kuwait issued six releases, the last of which was in 2014.[4] The Kuwaiti dinar is divided into 1000 fils. The Kuwaiti dinar has the highest exchange rate in the world. As of 2023, the Kuwaiti dinar remains the world's most valuable currency, with an exchange rate of 1 KWD = 3.25 USD.[2][5]
History
Kuwaiti dinar was a replacement for the Gulf rupee, which was equal to the Indian rupee. In the starting days, It was equal to £1 sterling. The Gulf rupee was introduced by the Indian Government to be used in British protectorates in the Arabian peninsula. It was in use from 1959 to 1966. In that time, Gulf countries started making their currencies, and finally the Trading in the Indian currency ended on May 17, 1961.[2][3]
During Iraq's invasion of Kuwait in 1990, the Iraqi dinar took over as Kuwait's official currency, and many Kuwaiti banknotes were stolen by Iraqi forces. After Kuwait was liberated, its original currency, the Kuwaiti dinar, returned, and new banknotes were issued by the Central Bank of Kuwait. After the liberation of Kuwait, The old stolen notes were demonitized.[2]
References
Other websites
