Kuwaiti dinar
| دينار كويتي (Arabic) | |
|---|---|
1 Dinar banknote of Kuwait (sixth edition) | |
| ISO 4217 | |
| Unit | |
| Symbol | د.ك or KD |
| Denominations | |
| Subunit | |
| 1⁄1,000 | 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 |
| Coins | 1, 5, 10, 20, 50, 100 fils |
| Demographics | |
| User(s) | Kuwait |
| Issuance | |
| Central bank | Central Bank of Kuwait |
| Website | www.cbk.gov.kw |
| Valuation | |
| Inflation | 3.15% |
| Source | Bank of AmericaThe World Factbook, 2017 est. |
| Pegged with | Undisclosed currency basket[1] $1 USD = 0.29963 KD |
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 11 April 1961.[2][3]
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 17 May 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
- ↑ "Exchange Rate Policy". www.cbk.gov.kw. Archived from the original on 28 December 2017. Retrieved 14 June 2016.
- ↑ 2.0 2.1 2.2 2.3 "History of Kuwaiti dinar and why it is the most valuable". Kuwait Times. 23 August 2023. Retrieved 26 February 2024.
- ↑ 3.0 3.1 "Kuwaiti dinar: Symbol of modern Kuwait". Kuwait News Agency (KUNA). 28 March 2011. Retrieved 26 February 2024.
- ↑ "Kuwait's 20 dinar banknote - Arabian Business". Arabian Business. 30 June 2014. Retrieved 26 February 2024.
- ↑ "Top 10 Highest-valued Currencies In The World In 2024". Forbes India. 30 January 2024. Retrieved 26 February 2024.