Kuwaiti dinar

The Kuwaiti dinar was put into circulation on April 1, 1961, replacing the rupee of the Persian Gulf . Kuwaiti dinar is three times stronger than the dollar ^{[1] [2]} . In 2006, Kuwait revalued its national currency by 1% against the dollar. As a result, the rate of the American currency fell below 0.29 dinars per unit. In May of next year, the Kuwaiti authorities untied the dinar rate from the dollar ^[3] , replacing the latter with a multi-currency basket ^[4] .

Circulation coins of 1, 5, 10, 20, 50 and 100 fils have been issued in Kuwait since 1961 without any significant changes in design. The 1-fils coin has not been minted since 1989, but continues to be legal tender.

The obverse of the coins depicts the central element of the coat of arms of Kuwait - the floating dhow and the year of embossing in the Hijra and the Gregorian calendar , indicated by Arabic numerals . On the reverse - face value and name of the state in Arab. الكويت - "Kuwait" (on the coins of 1961 - Arab. إمارة الكويت - "Emirate of Kuwait") ^[5] and in English. KUWAIT .

All coins are minted at the Royal Mint of Great Britain .

The first Kuwaiti banknotes with denominations of ¼, ½, 1, 5 and 10 dinars were issued by the Currency Commission ( Eng. Kuwait Currency Board ) on April 1, 1961. The banknotes depicted a portrait of the first emir of Kuwait Abdullah III , they were in circulation until May 31, 1982 ^[6] .

Later, the Currency Commission was reorganized into the Central Bank of Kuwait (the Central Bank of Kuwait ), and in 1970-1971 the second issue of banknotes was made. The same denominations appeared in the appeal, but with the image of the second emir of Kuwait, Sabah III . Banknotes of this series were withdrawn from circulation also in May 1982 ^[7] .

In February 1980, the Central Bank of Kuwait began issuing banknotes of the third series, at the same time a denomination of 20 dinars was added to the banknote series ^[8] . This series was declared invalid due to the invasion of Iraqi troops ^[9] . During the six months of occupation, all the cash that was found was removed from the country.

To further prevent the use of stolen money by the Iraqi authorities, immediately after the liberation of the country, on March 24, 1991, the third series of banknotes were exchanged for banknotes of the fourth sample, differing only in a modified color gamut. They remained in circulation until February 16, 1995 ^{[10] [11]} .

After stabilization of the situation in the country, in 1994, the release of the fifth series of banknotes followed. They are no longer legal tender from October 1, 2015 ^[12] .

Interestingly, the banknotes of the first series, issued in 1961, marked the 1960 release, and on all the banknotes of the 2nd, 3rd, 4th and 5th series, issued at different times - 1968 ^[13] .

Banknotes in circulation

On June 29, 2014, a new sixth series of banknotes in denominations of ¼, ½, 1, 5, 10 and 20 dinars was put into circulation in Kuwait ^[14] . The year of issue on the banknotes is not indicated.

In December 1971, after the devaluation of the US dollar, the previously applied parity ratio of 2.7778 dollars per 1 dinar was changed to 3.04 dollars per dinar, the parity to the pound sterling did not change (1 pound = 0.857 dinars). With the establishment on June 24, 1972 of the floating exchange rate of the pound sterling, parity of the dinar to it was canceled.

After the new devaluation of the US dollar in February 1973, a new parity was established: 1 dinar = 0.296053 dollars.

From March 18, 1975 to January 4, 2003, the dollar peg was canceled, the dinar was pegged to a basket of currencies of the main trading partners ^[15] . From January 5, 2003 to May 20, 2007, the Kuwaiti dinar was pegged to the US dollar at a ratio of 1 dinar = 0.29963 dollars with an acceptable range of exchange rate fluctuations of ± 3.5%.

From June 16, 2007, the Kuwaiti dinar was again linked to a basket of currencies of the main trading partners, the exact composition of which the Central Bank has not disclosed. As of November 21, 2017, one dinar was equal to 3.0215 US dollars ^[16] .

• Kuwait Banknote Gallery (him) (English)