The Kuwaiti dinar (; currency symbol: KD, or in Arabic; currency code: KWD) is the currency of Kuwait. Each dinar is sub-divided into 1,000 fulūs (singular is "fils"). The dinar was introduced in 1961 to replace the Gulf rupee.
, the Kuwaiti dinar is the currency with the highest value per base unit, with KD 1 equalling US$3.23 or GBP£2.40, ahead of the Bahraini dinar, which equals US$2.66.
History
The dinar was introduced in 1961 to replace the Gulf rupee, equal to the Indian rupee. It was initially equivalent to £1 sterling (GBP). As the rupee was fixed at 1s.6d., that resulted in a conversion rate of Rs. to KD 1.
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 series of banknotes was introduced to replace the previous notes, including the ones that were stolen.
Coins The coins in the following table were introduced in 1961. The design of all coins is similar and has not changed since they were first minted. On the obverse is a boom ship, with year of minting in both Islamic and Common Era in Arabic. The reverse contains the value in Arabic within a central circle with () above and KUWAIT in English below.
Unlike many other Middle Eastern currencies, Kuwait has a coin worth 0.02 of its main currency unit rather than 0.025 or 0.25 – though this latter does exist as a banknote (see below).
Current issue (1961) Image Value Diameter(mm) Thickness(mm) Mass(g) Composition Edge Obverse Reverse Issue Withdrawn Obverse Reverse 1 fils 17 1.2 2 Nickel-brass Smooth Boum dhow;Year of issue in Hijri and Gregorian Lettering: Kuwait in English and Arabic; denomination in Arabic 1961–1988 2014 5 fils 19.5 2.5 1961–2011 Current 1.45 2.55 Brass-plated steel 2012 10 fils 21 1.5 3.75 Nickel-brass 1961–2011 4 Brass-plated steel 2012 20 fils 20 1.36 3 Cupronickel Reeded 1961–2011 Stainless steel 2012 50 fils 23 1.54 4.5 Cupronickel 1961–2011 1.7 Stainless steel 2012 100 fils 26 1.71 6.5 Cupronickel 1961–2011 1.8 6.7 Stainless steel 2012
Banknotes Six series of the Kuwaiti dinar banknote have been printed.
First series 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 KD , KD , KD 1, KD 5 and KD 10.
Second series After the creation of the Central Bank of Kuwait in 1969 as a replacement to the Kuwaiti Currency Board, new KD , KD and KD 10 notes were issued from 17 November 1970, followed by the new KD 1 and KD 5 notes of the second series on 20 April 1971. This second series was withdrawn on 1 February 1982.
Third series The third series was issued on 20 February 1980, after the accession to the throne of late Emir Jaber Al-Ahmad Al-Sabah, in denominations of KD , KD , 1, 5 and KD 10. A KD 20 banknote was introduced later on 9 February 1986. As a result of the state of emergency after the 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 had 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:
DenominationPrefix DenominatorsKD (د.ك)54–86KD (د.ك)30–37KD 1 (١د.ك)47–53KD 5 (٥د.ك)18–20KD 10 (١٠د.ك)70–87KD 20 (٢٠د.ك)9–13
Fourth series 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 KD , KD , KD 1, KD 5, KD 10 and KD 20.
Fifth series The fifth series of Kuwaiti banknotes was in use from 3 April 1994 and included high-tech security measures which have now become standard for banknotes. It was withdrawn on 1 October 2015. Denominations were as in the fourth series.
Fifth series (1994) Value Dimensions Main colour Description Date of Obverse Reverse issue withdrawal lapse KD 110 × 68 mm Brown Coat of arms;Al-Mouhaleb dhow and chest Young girls playing traditional game 3 Apr 1994 1 Oct 2015 18 Apr 2025 KD 120 × 68 mm Green Coat of arms;Money changers' stalls and coffee pot Young boys playing traditional game with marbles KD 1 130 × 68 mm Blue Coat of arms;Kuwait Towers and oil lamp Shuwaikh Port and water storage vessel on stand KD 5 140 × 68 mm Red Coat of arms;Liberation Tower and grinding stone Oil refinery and Az-Zour power station;water tanks and electricity pylons KD 10 150 × 68 mm Maroon Coat of arms;Grand Mosque and water vessel Pearl diving and dhow;traditional Kuwaiti door and incense burner KD 20 160 × 68 mm Khaki Coat of arms;Red Fort and cannon Central bank building and Al Shamiya Gate
Sixth series Central Bank of Kuwait brought the sixth series of Kuwaiti banknotes into circulation on 29 June 2014: the notes have tactile marks, so that the visually impaired can identify them by touch.
Sixth series (2014)The Sixth Issue banknote series Central Bank of Kuwait (www.cbk.gov.kw). Retrieved on 2014-05-22. Value Dimensions Maincolour Description Date of issue Obverse Reverse KD 110 × 68 mm Brown Liberation Tower;Tishala dhow Traditional wooden Kuwaiti door andfirst Kuwaiti coin 29 June 2014 KD 120 × 68 mm Green Kuwait Towers,Shu'i dhow Hawksbill sea turtle and silver pomfret KD 1 130 × 68 mm Grey Grand Mosque,Jalbut dhow Ionic capital, Failaka Island KD 5 140 × 68 mm Purple Central bank building,Batil dhow Oil refinery and tanker KD 10 150 × 68 mm Red National Assembly,Sambuk dhow Falcon and camel KD 20 160 × 68 mm Blue Seif Palace,Boum dhow Boum and a pearl diver
Commemorative issues In both 1993 and 2001, the Central Bank of Kuwait issued commemorative KD 1 polymer banknotes to celebrate its Liberation from Iraq. The first commemorative note, dated 26 February 1993, was issued to celebrate the second anniversary of its Liberation. The front features the map of the State of Kuwait, the emblem of Kuwait and on the left and right side of the note is the list of nations that assisted in its Liberation, in both English and Arabic.Kuwait 1 dinar commemorative banknote (1993) Banknote Museum (banknote.ws). Retrieved on 11 February 2013. The second commemorative note, dated 26 February 2001, was issued to celebrate the tenth anniversary of its Liberation. One feature from the note is an optically variable device (OVD) patch that shows a fingerprint, a reference to the victims of the invasion and occupation of Kuwait.Kuwait 1 dinar commemorative banknote (2001) Banknote Museum (banknote.ws). Retrieved on 11 February 2013. Even though they were denominated as KD 1, both of the commemorative notes state that they were not legal tender.
From 18 March 1975 to 4 January 2003, the dinar was pegged to a weighted currency basket. From 5 January 2003 until 20 May 2007, the pegging was switched to US$1 = KD 0.29963 with margins of ±3.5%. The central rate translates to approximately KD 1 = US$3.53.
From 16 June 2007, the Kuwaiti dinar was re-pegged to a basket of currencies, and was worth about $3.28 as of December 2016. It is the world's highest-valued currency unit.
See also Kuwait Economy of Kuwait Jordanian dinar Iraqi dinar
References
This article draws heavily on the corresponding article in the German Wikipedia, retrieved 2 March 2005.
External links
Images and description of banknotes (New Central Bank of Kuwait website). . The banknotes of Kuwait