Kuwaiti dinar

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 April 11, 1961.^[2][3]

Kuwaiti dinar
دينار كويتي (Arabic)
1 Dinar banknote of Kuwait (sixth edition)
ISO 4217 Code	KWD (numeric: 414)
User(s)	Kuwait
Inflation	3.15%
Source	Bank of AmericaThe World Factbook, 2017 est.
Pegged with	Undisclosed currency basket[1] $1 USD = 0.29963 KD
Subunit
​1⁄1,000	fils
Symbol	د.ك or KD
Coins	1, 5, 10, 20, 50, 100 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
Central bank	Central Bank of Kuwait
Website	www.cbk.gov.kw

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 May 17, 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]