THE DINAR

Money makes the world go around

 

 

 

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

 

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 pence, this resulted in a conversion rate of 13 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 counrty's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized.

 

 

Coins

 

The following coins were introduced in 1961:

  • 1 fils (now very rare)

  • 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 This second series was likewise withdrawn on 1 February 1982.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 Papaer 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After the liberation, a fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery.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.

 

 

Fixed exchange rate

 

From March 18, 1975 to January 4, 2003, dinar was pegged to a weighted currency basket. From January 5, 2003. The pegged was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.. The central rate translates to approximately 1 dinar = 3.33745 dollars. It is the world's highest valued currency unit.

 

Current KWD exchange rates

 

 

 

 

International Accumulation of Foreign Reserve currencies

 

Currency

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

US dollar

65.2%

69.3%

70.9%

70.5%

70.7%

66.5%

65.8%

65.9%

66.4%

65.7%

 

Euro

-

-

17.9%

18.8%

19.8%

24.2%

25.3%

24.9%

24.3%

25.2%

 

German Mark

14.5%

13.8%

-

-

-

-

-

-

-

-

 

Pound sterling

2.6%

2.7%

2.9%

2.8%

2.7%

2.9%

2.6%

3.3%

3.6%

4.2%

 

Japanese yen

5.8%

6.2%

6.4%

6.3%

5.2%

4.5%

4.1%

3.9%

3.7%

3.2%

 

French franc

1.4%

1.6%

-

-

-

-

-

-

-

-

 

Swiss franc

0.4%

0.3%

0.2%

0.3%

0.3%

0.4%

0.2%

0.2%

0.1%

0.2%

 

Other

10.2%

6.1%

1.6%

1.4%

1.2%

1.4%

1.9%

1.8%

1.9%

1.5%

 

Russian Rouble

 

 

 

 

 

 

 

 

 

 

 

Dinar

 

 

 

 

 

 

 

 

 

 

 

Indian Rupee

 

 

 

 

 

 

 

 

 

 

 

S. African Rand

 

 

 

 

 

 

 

 

 

 

 

Chinese Yuan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LINKS and REFERENCE

 

 

 

 

MONEY FINDER

 

 

 

ABBEY NATIONAL

ALLIANCE & LEICESTER

ALLIED IRISH

ALTERNATIVE INVESTMENTS

ANGELS

ANZ BANK AUSTRALIA

ASIA PACIFIC ECONOMIC COOPERATION

BANK OF AMERICA

BANK OF TOKYO JAPAN

BANK ONE USA

BANKS

BARCLAYS - UK

BAYERISCHE LANDESBANK - Germany

BNP PARIBAS GROUP - France

BILLIONAIRES

BRISTOL & WEST

BRITISH NATIONAL BUSINESS ANGELS

BRITISH VENTURE CAPITAL FIRMS

BUILDING SOCIETIES A - Z

BUSINESS PLAN

CAHOOT

CANADIAN IMPERIAL BANK - Canada

CHASE MANHATTAN - US

CITIBANK - US

COMEICA BANK - US

CREDIT CARDS

CREDIT LYONNIAS - France

DEUTSCHE BANK - Germany

DOW JONES

DRAGONS DEN 2006

DRESDNER BANK - Germany

ECONOMICS

ELECTRONIC MONEY TRANSFERS

ENTREPRENEUR

EQUITY HOUSES

FINANCIER

FIRST DIRECT

FLEET - US 

FLOATATIONS

FORBES 100 RICHEST

FORBES 500

FOREX INVESTMENTS

FORTUNE 500

FOUNDATIONS - GATES

FREE TRADE ZONES

FTSE

FUJI BANK - JAPAN

HALIFAX

HOLDING COMPANY

HONG KONG STOCK EXCHANGE

HSBC

HSBC BANK USA - UK

HSBC - HK

IDENTITY THEFT PREVENTION

IMPERIAL BANK - US

INSURANCE

INVESTORS INDEX

IMF

J PIERPOINT MORGAN

JOHANNESBURG STOCK EXCHANGE

 

 

KLEINWORT BENSON

LA SALLE BANK - US

LIFE ASSURANCE

LOANS

LONDON STOCK EXCHANGE - MARKET

LLOYDS

MADRID STOCK EXCHANGE

MARKET CAPITALISATION

MAYBANK - Malaysia

MONEY

MONEY LAUNDERING

MORTGAGES

NASDAQ

NATIONAL AUSTRALIA BANK GROUP

NATIONAL LOTTERY

NATIONAL WESTMINSTER BANK

NATIONAL BUSINESS ANGEL NETWORK

NATIONAL CITY BANK - US

NEW YORK STOCK EXCHANGE

OFFSHORE BANKING

PENSIONS

PLCs

RBS ROYAL BANK OF SCOTLAND

SANWA BANK - Japan

SAVINGS

SHAREHOLDERS

SHARES, STOCKS, DIVIDENDS

SHELL COMPANIES

SIAM COMMERCIAL BANK - Thailand

SOCIETE GENERALE - France

SOUTHERN BANK BERHAD - Malyasia

STANDARD CHARTERED BANK - UK

STATE STREET BANK - US

STOCKS AND SHARES

SUMITOMO MITSUI BANK - Japan

SWISS BANK ACCOUNTS

TAX HAVENS

THAI FARMERS BANK - Thailand

THE AMERICAN DOLLAR

THE ARAB INVESTMENT COMPANY

THE CHINESE YUAN

THE DINAR

THE EURO

THE INDIAN RUPEE

THE JAPANESE YEN

THE POUND STERLING

THE RUSSIAN ROUBLE

THE SOUTH AFRICAN RAND

THE SWISS FRANC

TOKYO STOCK EXCHANGE

TORONTO DOMINION BANK - Canada

TRUSTS

UBS AG - Switzerland

UNION BANK OF CALIFORNIA

VENTURE CAPITAL

WALL STREET

WELLS FARGO - US

WEST DEUTSCHE LANDESBANK - Germany

WORLD BANK

WORLD TRADE ORGANIZATION

WOOLWICH

 

 

 

 

 

 

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