Facts About Kuwaiti Dinar You Won’t Need In Life

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There are small states in the world whose currencies play a role in the world economy that is incomparable with their modest size and small population. The entire state of Kuwait consists of the city of the same name and an adjacent piece of a lifeless desert with a length of approximately 200 kilometers from north to south and from west to east. Kuwaiti dinars are happy to accept banks throughout the Middle East, Europe, and North America. The Kuwaiti dinar is the national currency of the State of Kuwait (indicated by the KWD mark).

History of Kuwaiti Dinar

The Kuwaiti dinar was put into circulation in 1961, after the independence of Kuwait, which until then had been under the external control of Britain since 1899. Until 1959, the Indian rupee was used as legal tender in Kuwait. From 1959 to 1961, the legal tender in the country was the Persian Gulf rupee issued by the Reserve Bank of India specifically for Middle Eastern countries under British control.

Features of Kuwaiti Dinar

The Kuwaiti dinar is the most expensive currency in the world. Initially, the Kuwaiti dinar rate was equal to the British pound in the ratio of 0.857: 1. After the introduction of the floating pound sterling in 1972, the parity of the Kuwaiti dinar with the British currency was canceled. Since 1975, after several devaluations of the US dollar against the Kuwaiti dinar, parity with the American currency has been canceled. Until 2003, the Kuwaiti dinar rate was tied to a basket of currencies of major trading partners. Then, from January 5, 2003, to May 20, 2007, the Kuwaiti dinar was pegged to the US dollar at a ratio of 1: 0.3 dollars with an acceptable range of exchange rate fluctuations of 3.5%. From this moment, the Kuwaiti dinar to the US dollar stably stays at the same level. On June 16, 2007, the Kuwaiti dinar was again tied to a basket of currencies of major trading partners, the exact composition of which was not disclosed by the Central Bank.

The Kuwaiti dinar is a stable freely convertible currency. Currency is used freely for any operations, including for depositing at online gambling sites with Kuwaiti dinar, without any additional commissions or regulations. There are no restrictions on the import and export of both dinars and foreign banknotes. Customs officers who carefully rummage the baggage of all visitors will be completely indifferent to the contents of your wallet. They are looking primarily for alcohol prohibited in Kuwait, and secondly for weapons.

Kuwaiti Dinar Banknotes And Currencies

The Kuwaiti dinar is divided into 1,000 fils. Banknotes are issued in denominations of 1/4, 1/2, 1, 5, 10 and 20 dinars. Coins - 5, 10, 20, 50 and 100 fils each. The appearance of the banknotes changed in 1991 - after the six-month occupation of Kuwait by the troops of neighboring Iraq. Over the past six months, Iraqis have removed all the cash they have discovered from the country. In order to prevent the aggressor from using the stolen money, immediately after the liberation of the country, an exchange of paper notes was carried out. Coins are preserved the same as they were before the war.

Settlements in foreign currency in Kuwait are little practiced. Perhaps at the market, some small merchants will agree to accept dollars at the exchange rate from you, but in order to be able to pay off in all other cases of life, money needs to be changed. Holders of international credit cards do not have to do this: they are accepted for payment almost everywhere in Kuwait.