Kuwaiti dinar

Short description: Official monetary currency of Kuwait

"KWD" redirects here. For other uses, see KWD (disambiguation).

Kuwaiti dinarدينار كويتي (Arabic)

1 Dinar banknote of Kuwait (sixth edition)

ISO 4217
Code| KWD (numeric: 414)
Subunit| 0.001
Unit
Symbol|  د.ك  or KD
Denominations
Subunit|
​1⁄1,000| fils
Banknotes|
Freq. used| KD ​1⁄4, KD ​1⁄2, KD 1, KD 5, KD 10, KD 20
Coins|
Freq. used| 5, 10, 20, 50, 100 fulūs
Rarely used| 1 fils
Demographics
Date of introduction| 1961
User(s)|  Kuwait
Issuance
Central bank| Kuwait Currency Board (1961–1969)
Central Bank of Kuwait (since 1969)
Website| www.cbk.gov.kw
Valuation
Inflation| 1.50%
Source| The World Factbook, 2017 est.
Pegged with| Undisclosed currency basket[1]
$1 USD = 0.29963 KD

The Kuwaiti dinar (Arabic: دينار كويتي, code: KWD) is the currency of Kuwait. It is sub-divided into 1,000 fulūs.[2]

As of 2025[update], the Kuwaiti dinar is the currency with the highest value per base unit, with KD 1 equalling US$3.26,[3] ahead of the Bahraini dinar with BD 1 equalling US$2.65 and Omani rial at US$2.60.

## Contents

* 1 History
* 2 Coins
* 3 Banknotes
* 3.1 First series
* 3.2 Second series
* 3.3 Third series
* 3.4 Fourth series
* 3.5 Fifth series
* 3.6 Sixth series
* 3.7 Commemorative issues
* 4 See also
* 5 References
* 6 External links

## History

The dinar was introduced in 1961 to replace the Gulf rupee, equal to the Indian rupee. It was initially equivalent to £1 sterling.[4] As the rupee was fixed at 1s.6d., that resulted in a conversion rate of Rs. ​13 1⁄3 to KD 1.[5]

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.[6] After liberation, the Kuwaiti dinar was restored as the country's currency and a new series of banknotes was introduced to replace the previous notes, including the ones that were stolen.[5]

## Coins

The coins in the following table were introduced in 1961. The design of all coins is similar and has not changed since they were first minted. On the obverse is a boom ship, with year of minting in both Islamic and Common Era in Arabic. The reverse contains the value in Arabic within a central circle with الكُوَيت (Arabic for ’’The Kuwait’’) above and KUWAIT in English below.

Unlike many other Middle Eastern currencies, Kuwait has a coin worth 0.02 of its main currency unit rather than 0.025 or 0.25 – though this latter does exist as a banknote (see below).

Current issue (1961)

Image  | Value  | Diameter
(mm)  | Thickness
(mm)  | Mass
(g)  | Composition  | Edge  | Obverse  | Reverse  | Issue  | Withdrawn
Obverse  | Reverse
80px  | 80px  | 1 fils  | 17  | 1.2  | 2  |  | Nickel-brass | Smooth  | Boum dhow;
Year of issue in Hijri and Gregorian  | Lettering: Kuwait in English and Arabic; denomination in Arabic  | 1961–1988  | 2014
80px  | 80px  | 5 fils  | 19.5  | 2.5  | 1961–2011  | Current
1.45  | 2.55  | Brass-plated steel  | 2012
80px  | 80px  | 10 fils  | 21  | 1.5  | 3.75  | Nickel-brass | 1961–2011
4  | Brass-plated steel  | 2012
80px  | 80px  | 20 fils  | 20  | 1.36  | 3  |  | Cupronickel | Reeded  | 1961–2011
Stainless steel | 2012
80px  | 80px  | 50 fils  | 23  | 1.54  | 4.5  | Cupronickel | 1961–2011
1.7  | Stainless steel | 2012
80px  | 80px  | 100 fils  | 26  | 1.71  | 6.5  | Cupronickel | 1961–2011
1.8  | 6.7  | Stainless steel | 2012

## Banknotes

Six series of the Kuwaiti dinar banknote have been printed.

### First series

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 KD ​1⁄4, KD ​1⁄2, KD 1, KD 5 and KD 10\.

### Second series

After the creation of the Central Bank of Kuwait in 1969 as a replacement to the Kuwaiti Currency Board, new KD ​1⁄4, KD ​1⁄2 and KD 10 notes were issued from 17 November 1970, followed by the new KD 1 and KD 5 notes of the second series on 20 April 1971.[7] This second series was withdrawn on 1 February 1982.

### Third series

The third series was issued on 20 February 1980, after the accession to the throne of late Emir Jaber Al-Ahmad Al-Sabah, in denominations of KD ​1⁄4, KD ​1⁄2, 1, 5 and KD 10\. A KD 20 banknote was introduced later on 9 February 1986. As a result of the state of emergency after the Invasion of Kuwait, this series was ruled invalid with effect from 30 September 1991. Significant quantities of these notes were stolen by Iraqi forces and some had 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:

Denomination  | Prefix Denominators

|

KD ​1⁄4 (د.ك⁠١/٤⁠)  | 54–86
KD ​1⁄2 (د.ك⁠١/٢⁠)  | 30–37
KD 1 (١د.ك)  | 47–53
KD 5 (٥د.ك)  | 18–20
KD 10 (١٠د.ك)  | 70–87
KD 20 (٢٠د.ك)  | 9–13

### Fourth series

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 KD ​1⁄4, KD ​1⁄2, KD 1, KD 5, KD 10 and KD 20\.

### Fifth series

The fifth series of Kuwaiti banknotes was in use from 3 April 1994 and included high-tech security measures which have now become standard for banknotes. It was withdrawn on 1 October 2015. Denominations were as in the fourth series.

Fifth series (1994)

Image  | Value  | Dimensions
(mm)  | Main colour  | Description  | Issue  | Withdrawn  | Lapse
Obverse  | Reverse  | Obverse  | Reverse
75px  | 75px  | KD ​1⁄4 | 110 x 68  |  | Brown  | Coat of arms;
Al-Mouhaleb dhow and chest  | Young girls playing traditional game  | 3 Apr 1994  | 1 Oct 2015  | 18 Apr 2025
80px  | 80px  | KD ​1⁄2 | 120 x 68  |  | Green  | Coat of arms;
Money changers' stalls and coffee pot  | Young boys playing traditional game with marbles
85px  | 85px  | KD 1  | 130 x 68  |  | Blue  | Coat of arms;
Kuwait Towers and oil lamp  | Shuwaikh Port and water storage vessel on stand
90px  | 90px  | KD 5  | 140 x 68  |  | Red  | Coat of arms;
Liberation Tower and grinding stone  | Oil refinery and Az-Zour power station;
water tanks and electricity pylons
95px  | 95px  | KD 10  | 150 x 68  |  | Maroon  | Coat of arms;
Grand Mosque and water vessel  | Paerl diving and dhow;
traditional Kuwaiti door and incense burner
100px  | 100px  | KD 20  | 160 x 68  |  | Khaki  | Coat of arms;
Red Fort and cannon  | Central bank building and Al Shamiya Gate
For table standards, see the banknote specification table.

### Sixth series

Central Bank of Kuwait brought the sixth series of Kuwaiti banknotes into circulation on 29 June 2014.[8][2][9] Some of the notes are coarse so that the blind can identify them by touch.[8]

Sixth series (2014)[10]

Image  | Value  | Dimensions
(mm)  | Main
colour  | Description  | Issue
Obverse  | Reverse  | Obverse  | Reverse
75px  | 75px  | KD ​1⁄4 | 110 x 68  |  | Brown  | Liberation Tower;
Tishala dhow  | Traditional wooden Kuwaiti door and
first Kuwaiti coin  | 29 June 2014
80px  | 80px  | KD ​1⁄2 | 120 x 68  |  | Green  | Kuwait Towers,
Shu'i dhow  | Hawksbill sea turtle and silver pomfret
85px  | 85px  | KD 1  | 130 x 68  |  | Grey  | Grand Mosque,
Jalbut dhow  | Ionic capital, Failaka Island
90px  | 90px  | KD 5  | 140 x 68  |  | Purple  | Central bank building,
Batil dhow  | Oil refinery and tanker
95px  | 95px  | KD 10  | 150 x 68  |  | Red  | National Assembly,
Sambuk dhow  | Falcon and camel
100px  | 100px  | KD 20  | 160 x 68  |  | Blue  | Seif Palace,
Boum dhow  | Boum and a pearl diver
For table standards, see the banknote specification table.

### Commemorative issues

In both 1993 and 2001, the Central Bank of Kuwait issued commemorative KD 1 polymer banknotes to celebrate its Liberation from Iraq. The first commemorative note, dated 26 February 1993, was issued to celebrate the second anniversary of its Liberation. The front features the map of the State of Kuwait, the emblem of Kuwait and on the left and right side of the note is the list of nations that assisted in its Liberation, in both English and Arabic.[11] The second commemorative note, dated 26 February 2001, was issued to celebrate the tenth anniversary of its Liberation. One feature from the note is an optically variable device (OVD) patch that shows a fingerprint, a reference to the victims of the invasion and occupation of Kuwait.[12] Even though they were denominated as KD 1, both of the commemorative notes state that they were not legal tender.

Average exchange rate of Kuwaiti dinar against US dollar (fils)

From 18 March 1975 to 4 January 2003, the dinar was pegged to a weighted currency basket. From 5 January 2003 until 20 May 2007, the pegging was switched to US$1 = KD 0.29963 with margins of ±3.5%.[13] The central rate translates to approximately KD 1 = US$3.53.

From 16 June 2007, the Kuwaiti dinar was re-pegged to a basket of currencies,[14] and was worth about $3.28 as of December 2016. It is the world's highest-valued currency unit.[2]

Current KWD exchange rates

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD USD
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD USD

## See also

* Kuwait
* Economy of Kuwait
* Jordanian dinar
* Iraqi dinar

## References

1. ↑ "Exchange Rate Policy". http://www.cbk.gov.kw/en/monetary-policy/exchange-rate-policy.jsp.
2. ↑ 2.0 2.1 2.2 "New Kuwaiti banknotes due to appear on Sunday designed on bases of beauty, safety". 28 June 2014. http://www.kuna.net.kw/ArticleDetails.aspx?id=2385152&Language=en.
3. ↑ turkeytripguide.net. "Top 10 Strongest Currencies in the World 【2023】" (in en). https://turkeytripguide.net/most-valuable-currencies-in-the-world.
4. ↑ "KWD | Kuwaiti Dinar | OANDA". https://www1.oanda.com/currency/iso-currency-codes/KWD.
5. ↑ 5.0 5.1 Hamza, Ali (23 August 2023). "History of Kuwaiti dinar and why it is the most valuable". Kuwait Times. https://kuwaittimes.com/history-of-kuwaiti-dinar-and-why-it-is-the-most-valuable/.
6. ↑ Fineman, Mark (25 September 1990). "Iraq Tightens Control Over Kuwait, Outlaws Its Currency : Finance: Analysts say the move is certain to fail because the government-in-exile is still buying the nation's dinars.". Los Angeles Times. https://www.latimes.com/archives/la-xpm-1990-09-25-mn-1116-story.html.
7. ↑ Linzmayer, Owen (2012). "Kuwait". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. http://www.banknotebook.com/. Retrieved 27 April 2012.
8. ↑ 8.0 8.1 Ibn, Ifat (4 July 2011). "Friday Market Kuwait - Gulf Local Classifieds". Friday Market. http://www.fridaymarket.com/kuwait.
9. ↑ "Arab Times -Leading English Daily in Kuwait". http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/197152/reftab/36/t/Kuwait-to-issue-new-banknotes/Default.aspx.
10. ↑ The Sixth Issue banknote series Central Bank of Kuwait (www.cbk.gov.kw). Retrieved on 2014-05-22.
11. ↑ Kuwait 1 dinar commemorative banknote (1993) Banknote Museum (banknote.ws). Retrieved on 11 February 2013.
12. ↑ Kuwait 1 dinar commemorative banknote (2001) Banknote Museum (banknote.ws). Retrieved on 11 February 2013.
13. ↑ "Exchange Rates, Central Bank of Kuwait". http://www.cbk.gov.kw/WWW/exchange_rates.html.
14. ↑ "Kuwait pegs dinar to basket of currencies". Forbes. 20 May 2007. https://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739653.html.

* This article draws heavily on the corresponding article in the German Wikipedia, retrieved 2 March 2005.[circular reference]

## External links

* Images and description of banknotes (New Central Bank of Kuwait website). .
* The banknotes of Kuwait Script error: The function "in_lang" does not exist.

Preceded by:
Gulf rupee
Ratio: 1 dinar = 13​1⁄3 rupees = 1 pound sterling | Currency of Kuwait (pre-war)
1961 - August 2, 1990  | Succeeded by:
Iraqi dinar
Reason: Iraqi invasion of Kuwait

|
|

Preceded by:
Iraqi dinar
Reason: liberation of Kuwait
Ratio: = pre-war Kuwaiti dinar | Currency of Kuwait (post-war)
early 1991 - | Succeeded by:
Current

Template:Kuwait topics Template:Dinar

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