Kuwaiti dinar
From Wikipedia, the free encyclopedia
| ISO 4217 Code | KWD |
| User(s) | Kuwait |
| Inflation | 3.5% |
| Source | The World Factbook, 2005 est. |
| Subunit | |
| 1/1000 | fils |
| Symbol | د.ك |
| Coins | |
| Freq. used | 5, 10, 20, 50, 100 fils |
| Rarely used | 1 fils |
| Banknotes | ¼, ½, 1, 5, 10, 20 dinars |
| Central bank | Central Bank of Kuwait |
| Website | www.cbk.gov.kw |
The Kuwaiti dinar (ISO 4217 code KWD) is Kuwait's official currency. The dinar is sub-divided into 1000 fils. It was established in 1960 and replaced the Gulf rupee in 1961. The dinar was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence, this resulted in a conversion rate of 131⁄3 rupees to the dinar.
Contents |
[edit] Coins
There are also the following coins:
- 1 fils (very rare)
- 5 fils
- 10 fils
- 20 fils
- 50 fils
- 100 fils
[edit] Banknotes
The following banknotes are produced:
- ¼ dinar (250 fils)
- ½ dinar (500 fils)
- 1 dinar
- 5 dinars
- 10 dinars
- 20 dinars
To date five series of the Kuwaiti dinar banknote have been printed:
- The first series was issued following the pronouncement of the Kuwaiti Currency Law in 1960 which established the Kuwaiti Currency Board and which declared that the Indian rupee, which had been used until this time, was no longer legal currency. This series was in circulation from 1 April 1961 to 1 February 1982.
- After the creation of the Central Bank of Kuwait as a replacement to the Kuwaiti Currency Board, new ¼, ½ 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. This second series was likewise withdrawn on 1 February 1982.
- The third series was issued on 20 February 1980 after the accession to the throne of Emir Jaber al-Ahmad al-Jaber al-Sabah, at that time in denominations of ¼, ½, 1, 5 and 10 dinar. The new 20 dinar banknote was introduced on 9 February 1986. As a result of the state of emergency after Iraq's invasion of Kuwait, this series was ruled invalid with effect from 30 September 1991.
- After the liberation, the fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery.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.
- The fifth series of Kuwaiti banknotes has been in use since 3 April 1994 and include high-tech security measures which have now become standard for banknotes.
[edit] Fixed exchange rate
From March 18, 1975 to January 4, 2003, dinar was pegged to a weighted currency basket. From January 5, 2003. The pegged was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[1]. The central rate translates to approximately 1 dinar = 3.33745 dollars. It is the world's highest valued currency unit.
As of 16 September 2006, the rate was
1 USD = 0.289120 KWD
1 EUR = 0.365678 KWD
1 GBP = 0.542852 KWD
1 JPY = 0.00246374 KWD
edit this exchange rate
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[edit] References
- This article draws heavily on the corresponding article in the German Wikipedia, retrieved March 2, 2005.
[edit] See also
[edit] External links
| Preceded by: Gulf rupee Ratio: 1 dinar = 13 1/3 rupees = 1 British pound |
Currency of Kuwait 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 early 1991 – |
Succeeded by: Current |
| Dinars | |
|---|---|
| Current | Algerian dinar | Bahraini dinar | Islamic gold dinar | Iraqi dinar | Jordanian dinar | Kuwaiti dinar | Libyan dinar | Macedonian denar | Tunisian dinar | Serbian dinar | Sudanese dinar |
| Defunct | Abu Dhabi dinar | Bosnia and Herzegovina dinar | Croatian dinar | Krajina dinar | Republika Srpska dinar | South Arabian dinar | South Yemeni dinar | Yugoslav dinar |
| As subunit | Iranian rial |
| See also | E-dinar |
