Kuwaiti dinar
234598
221345765
2008-06-24T03:12:26Z
86.51.3.19
{{redirect|KWD}}
{{Infobox Currency
| currency_name_in_local = دينار كويتي <small>{{ar icon}}</small>
| iso_code = KWD
| using_countries = {{KWT}}
| image_1 = 1 Kuwait-Dinar(1994).jpg
| image_title_1 = 1 dinar of 1994
| inflation_rate = 3%
| inflation_source_date = ''[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'', 2006 est.
| subunit_ratio_1 = 1/1000
| subunit_name_1 = [[Fils )|fils]]
| symbol = د.ك
| frequently_used_coins = 5, 10, 20, 50, 100 fils
| used_banknotes = ¼, ½, 1, 5, 10, 20 dinars
| issuing_authority = [[Central Bank of Kuwait]]
| issuing_authority_website = www.cbk.gov.kw
}}
The '''dinar''' ([[Arabic language|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.
==History==
The 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 [[British One Penny coin (pre-decimal)|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.
==Coins==
The following [[coin]]s were introduced in 1961:
* 1 fils
* 5 fils
* 10 fils
* 20 fils
* 50 fils
* 100 fils
==Banknotes==
To 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 This second series was likewise withdrawn on [[1 February]] [[1982]].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 quatities 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:
{| class="wikitable"
!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.
==Fixed exchange rate==
From [[March 18]], [[1975]] to [[January 4]], [[2003]], dinar was pegged to a weighted currency basket. From [[January 5]], [[2003]] until [[May 20]], [[2007]], the pegged was switched to 1 [[United States dollar|U.S. dollar]] = 0.29963 dinar with margins of ±3.5%.<ref>[http://www.cbk.gov.kw/WWW/exchange_rates.html Exchange Rates, Central Bank of Kuwait]</ref>. The central rate translates to approximately 1 dinar = 3.33745 dollars.
From [[May 20]], [[2007]], the Kuwaiti dinar was re-pegged to a basket of currencies,<ref>{{cite news | title= Kuwait pegs dinar to basket of currencies | url= http://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739653.html | publisher= [[Forbes]] | date=[[2007-05-20]] | accessdate=2007-06-06 }}</ref> and is now worth about US$3.76. It is the world's [[highest valued currency unit]].
{{Exchange Rate|KWD}}
==See also==
* [[Gulf rupee]]
* [[Cooperation Council for the Arab States of the Gulf]]
* [[Economy of Kuwait]]
==References==
{{Reflist}}
{{refbegin}}
*This article draws heavily on the [[:de:Kuwait-Dinar|corresponding article]] in the German Wikipedia, retrieved March 2, 2005.
{{refend}}
==External links==
{{Standard numismatics external links
| world_coin_gallery_1_url = Kuwait
| world_coin_gallery_1_name = Kuwait
| banknote_world_1_url = kuwait
| banknote_world_1_name = Kuwait
| dollarization_1_url = asia
| dollarization_1_name = Asia
| gfd_1_url = Kuwait
| gfd_1_name = Kuwait
| gfd_data_1_url = 6139
| gfd_data_1_name = Kuwait Dinar
| show_gfd_excel = Y
}}
* [http://www.cbk.gov.kw/WWW/gallery_issues.html Images of banknotes]
{{n-start|title=pre-war}}
{{n-before|currency=[[Gulf rupee]]|ratio=1 dinar = 13 1/3 rupees = 1 [[British pound]]}}
{{n-currency|location=[[Kuwait]]|start=[[1961]]|end=[[August 2]], [[1990]]}}
{{n-after|currency=[[Iraqi dinar]]|reason=[[Gulf War|Iraqi invasion of Kuwait]]}}
{{n-end}}
{{n-start|title=post-war}}
{{n-before|currency=[[Iraqi dinar]]|reason=[[Gulf War|liberation of Kuwait]]|ratio= = pre-war Kuwaiti dinar}}
{{n-currency|location=[[Kuwait]]|start=early [[1991]]}}
{{n-after}}
{{n-end}}
{{Dinar}}
{{Currencies of Asia}}
[[Category:Economy of Kuwait]]
[[ar:دينار كويتي]]
[[be-x-old:Кувэйцкі дынар]]
[[ca:Dinar kuwaitià]]
[[da:Kuwaitisk dinar]]
[[de:Kuwait-Dinar]]
[[fr:Dinar koweïtien]]
[[bpy:কুয়েতি দিনার]]
[[it:Dinaro kuwaitiano]]
[[lt:Kuveito dinaras]]
[[hu:Kuvaiti dinár]]
[[mr:कुवैती दिनार]]
[[nl:Koeweitse dinar]]
[[no:Kuwaitisk dinar]]
[[pl:Dinar kuwejcki]]
[[pt:Dinar kuwaitiano]]
[[ru:Кувейтский динар]]
[[sv:Kuwaitisk dinar]]
[[tg:Динори Кувейт]]
[[zh:科威特第纳尔]]