Currency Rates for Kuwait Dinar
Bank Exchange Rates for Kuwait - KWD - Kuwait Dinar - ك or K.D. The foreign exchange rates for Kuwait also known as the ISO code KWD or the Kuwait Dinar currency and as a symbol ك or K.D. Send Money Transfer to Kuwait.
Coins are available in denominations of 5, 10, 20, 50 and 100 Fils, whilst banknotes are in circulation in denominations of 1⁄4, 1⁄2, 1, 5, 10 and 20 dinars.
Replacing the Gulf rupee at a rate of 13 ½ rupees to 1 dinar, in 1960, the Kuwaiti dinar was originally equal to one pound sterling.
Archeological excavations from Failaka Island reveals the first coin used in Kuwait and interestingly it was found that Indian Rupees was in circulation before the introduction of Dinar. Kuwait Dinar- the official currency of Kuwait was introduced in 1961. Before 1961 Kuwaiti authorities attempted to use their own currency twice but failed in their attempt. In accordance to Amiri Decree no- 41, Kuwaiti Currency law was passed in 1960 and declared that Kuwaiti Dinar will be the national currency and hold Kuwaiti Currency Board as accountable to issue new notes.
Notes and Coins -
The initial dinar was to replace the Gulf Rupee also known as Indian Rupee. At first one Dinar was equivalent to one pound sterling. Indian rupee was withdrawn from Kuwait and Kuwaiti Dinar became the national currency with a purchase value of Indian Rupees 13.33.
With Iraq's invasion Kuwaiti Dinar was replaced by Iraqi Dinar because large quantities of the Kuwaiti notes were stolen by invading forces. New bank note series were introduced after liberation which allowed the stolen notes and the previous notes to be demonetized.
Each Dinar comprises 1000 fils. The current new form of Kuwaiti Dinar bank notes had gone through seven phases of renovations by the Central bank of Kuwait.
Currently Kuwaiti Dinar has six categories of denominations- Quarter of Dinar, Half of Dinar, 1 Dinar, Five Dinars, Ten Dinars and twenty Dinars
Central bank of Kuwait issued commemorative 1-Dinar, polymer banknotes twice in the last two decades.
The first commemorative notes was issued in Feb-26th, 1993 to mark the second anniversary of liberation.
The second commemorative note was issued in 26th Feb, 2001 marking the 10th anniversary of liberation
From 1975 to 2003, Kuwaiti Dinar was pegged to weighted currency basket to minimize the currency fluctuations. The pegging was then switched to US dollar from 2003 until 2007. It then again re-pegged to currency basket from 2007 and today its the world's highest value currency.
GBP to KWD
In 1990, Kuwait was invaded by Iraq and a large portion of the currency was stolen, being replaced with Iraqi dinar, after this, the Kuwaiti dinar was reinstated and re-issued, meaning that the stolen banknotes became demonetised. Bank Exchange Rates for Kuwait. The foreign exchange rates for Kuwait Dinar also known as the ISO code KWD. Send money transfer online with us with the cheapest options.