Kuwaiti dinar

From Academic Kids

Kuwaiti Dinar
Country:Kuwait
Sub-division:1000 Fils
ISO 4217 Code:KWD
Abbreviation:KD
Exchange rate:
(3 March 2005)
1 USD = 0.29 KWD
1 EUR = 0.38 KWD

The Kuwaiti Dinar (ISO 4217 code KWD) is Kuwait's official currency. The dinar is sub-divided into 1000 units, one Kuwaiti Dinar being equal to 1000 Kuwaiti Fils, unlike for example the Pound Sterling and the United States dollar, both of which have 100 sub-divisions. It was established in 1960 to replace the Indian rupee. As of January 2, 2005 the Kuwaiti dinar was worth 3.39328 USD making it the world's highest valued currency unit.

The following banknotes are produced:

  • Quarter of a Dinar (250 Fils)
  • Half a Dinar (500 Fils)
  • 1 Dinar (1000 Fils)
  • 5 Dinar
  • 10 Dinar
  • 20 Dinar

There are also the following coins:

  • 1 Fils (very rare)
  • 5 Fils
  • 10 Fils
  • 20 Fils
  • 50 Fils
  • 100 Fils

The 1 Fils coin is so rare that it is used sometimes for bragging.

To date five series of the Kuwaiti Dinar have been minted:

  • 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 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. This second series was likewise withdrawn on 1 February 1982.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 1/4, 1/2, 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  • After the liberation, the fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery.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 in the meantime had become standard for banknotes.

References

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

See also

External links

Template:AsianCurrenciesda:Kuwaitisk dinar de:Kuwait-Dinar fr:Dinar kowéitien

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