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The Kuwaitti Dinar the real info


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Kuwaiti dinarFrom Wikipedia, the free encyclopediaJump to: navigation, search

"KWD" redirects here. For other uses, see KWD (disambiguation).

Kuwaiti dinar

دينار كويتي (Arabic)

1 dinar of 1994

ISO 4217 code KWD

User(s) Kuwait

Inflation 3%

Source The World Factbook, 2006 est.

Subunit

1/1000 fils

Symbol د.ك or K.D.

Coins

Freq. used 5, 10, 20, 50, 100 fils

Banknotes ¼, ½, 1, 5, 10, 20 dinars

Central bank Central Bank of Kuwait

Website www.cbk.gov.kw

The dinar (Arabic: دينار, ISO 4217 code KWD) is the currency of Kuwait. It is sub-divided into 1000 fils. It is the highest-valued currency unit in the world.

Contents [hide]

1 History

2 Coins

3 Banknotes

4 Fixed exchange rate

5 See also

6 References

7 External links

[edit] HistoryThe dinar was introduced in 1961 to replace the Gulf rupee. It was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence, this resulted in a conversion rate of 13⅓ 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.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.

[edit] CoinsThe following coins were first introduced in 1961:

1 fils (No longer issued)

5 fils

10 fils

20 fils

50 fils

100 fils

[edit] BanknotesTo 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. This series was in circulation from 1 April 1961 to 1 February 1982 and consisted of denominations of ¼, ½, 1, 5 and 10 dinars.

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 This second series was likewise withdrawn on 1 February 1982.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. A 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. Significant quantities of these notes were stolen by Iraqi forces and some have 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

¼ dinar 54-86

½ dinar 30-37

1 dinar 47-53

5 dinar 18-20

10 dinar 70-87

20 dinar 9-13

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 ¼, ½, 1, 5, 10 and 20 dinar.

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. Denominations were as in the fourth series.

[edit] Fixed exchange rate

Average Exchange Rate of Kuwait Dinar Against U.S. Dollar (Fils) [1]From March 18, 1975 to January 4, 2003 the dinar was pegged to a weighted currency basket. From January 5, 2003 until May 20, 2007, the pegging was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[2] The central rate translates to approximately 1 dinar = 3.33745 dollars.

From June 16, 2007, the Kuwaiti dinar was re-pegged to a basket of currencies,[3] and is now worth about US$3.609 (€2.686). It is the world's highest-valued currency unit.

Current KWD exchange rates

From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD

From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD

From OzForex: AUD CAD CHF EUR GBP HKD JPY USD

From XE.com: AUD CAD CHF EUR GBP HKD JPY USD

From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

[edit] See alsoGulf rupee

Cooperation Council for the Arab States of the Gulf

Economy of Kuwait

[edit] References1.^ Central Bank Of Kuwait Website

2.^ Exchange Rates, Central Bank of Kuwait

3.^ "Kuwait pegs dinar to basket of currencies". Forbes. 2007-05-20. http://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739653.html. Retrieved 2007-06-06.

This article draws heavily on the corresponding article in the German Wikipedia, retrieved March 2, 2005.

[edit] External linksImages of banknotes

Preceded by:

Gulf rupee

Ratio: 1 dinar = 13 1/3 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

[show]v · d · e

Kuwait

Subdivisions Terminology Coat of arms

History Timeline · History of Kuwait

Law Courts · Nationality · Legislation

Politics Government · Legislature · Emir · Prime Minister · Departments · Constitution · Human rights (LGBT rights) · Elections · Parties · Foreign relations

Geography Geology · Rivers

Economy History · Kuwait Stock Exchange · Kuwaiti dinar · Banks (Central Bank of Kuwait) · Transport · Communications · Energy · Tourism

Military History · Navy · National Police · Coast Guard · Military · Kuwait Air Force

Demography Demographics · Languages · Religion · Cities · Towns

Culture Art · Cinema · Cuisine · Education · Literature · Media · Music · Sport · Television · Public holidays

Portal · Topics

[show]v · d · e

Currencies named dinar or similar

Circulating Algerian dinar (دينار) · Bahraini dinar (دينار) · Iraqi dinar (دينار) · Jordanian dinar (دينار) · Kelantanese dinar (unofficial) · Kuwaiti dinar (دينار) · Libyan dinar (دينار) · Macedonian denar (денар) · Serbian dinar (динар) · Tunisian dinar (دينار)

Obsolete Bosnia and Herzegovina dinar · Croatian dinar · French denier · Iraqi "Swiss" dinar · Krajina dinar (динар) · Medieval Muslim gold dinar · Portuguese dinheiro · Republika Srpska dinar (динар) · South Yemeni dinar (دينار) · Spanish dinero · Sudanese dinar (دينار) · Yugoslav dinar (динар)

As subunit Iranian qiran (قران) · Iranian rial (ریال)

See also Andorran diner (commemorative) · denarius · Islamic gold dinar

[show]v · d · e

Currencies of Asia

Central Kazakhstani tenge · Kyrgyzstani som · Tajikistani somoni · Turkmenistan manat · Uzbekistani som

East Chinese yuan · Hong Kong dollar · Japanese yen · North Korean won · South Korean won · Macanese pataca · Mongolian tögrög · New Taiwan dollar

North Russian ruble

South Bangladeshi taka · Bhutanese ngultrum · Indian rupee (Bhutan) · Maldivian rufiyaa · Nepalese rupee · Pakistani rupee · Sri Lankan rupee · U.S. dollar (British Indian Ocean Territory)

Southeast Brunei dollar (Singapore) · Burmese kyat · Cambodian riel · East Timorese centavo (East Timor) · Indonesian rupiah · Lao kip · Malaysian ringgit · Philippine peso · Singapore dollar (Brunei) · Thai baht · U.S. dollar · Vietnamese đồng

West Abkhazian apsar (unrecognized) · Afghan afghani · Armenian dram (Nagorno-Karabakh) · Azerbaijani manat · Bahraini dinar · Egyptian pound (Gaza Strip) · Euro (Cyprus) · Georgian lari · Iranian rial · Iraqi dinar · Israeli new shekel (Palestinian territories) · Jordanian dinar (West Bank) · Kuwaiti dinar · Lebanese pound · Nagorno-Karabakh dram (unrecognized) · Omani rial · Russian ruble (Abkhazia, South Ossetia) · Qatari riyal · Saudi riyal · Syrian pound · Turkish lira (Northern Cyprus) · UAE dirham · Yemeni rial

Retrieved from "http://en.wikipedia.org/w/index.php?title=Kuwaiti_dinar&oldid=463732587"

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