The official and national currency of Kuwait is Dinar. The ISO code of this currency is KDW and it became the official currency of Kuwait after a resolution that was passed in 1961. Before this era, they used to use Gulf rupee as the official currency of the country. Dinar is sub divided into 100 fils. Coins of Kuwaiti Dinar are available with denominations of 5, 10, 20, 50 and 100 fils coins. Coin of 1 fil is no more minted in the country. Banknotes of dinar have undergone from five eras of changes. The banknotes of dinar are printed with ¼, ½, 1, 5, 10 and 20 dinar denominations. The Kuwaiti Currency Board, which was established in 1960 with an enforcement of Kuwaiti Currency Law, was replaced with Central Bank of Kuwait in 1969.
The Kuwaiti dinar is the highest valued unit of exchange in the world. The reason for such a great worth of its currency type and strong economy due to its oil reserves, which are about 104 billion barrels. Petroleum products are counted as the 50% of the total GDP while export revenues are also very high. The government is now pondering over to diversify their economy from oil reserves. In this regard, they have planned an economic growth mechanism of spending up to $130 billion for the next 5 years.

Kuwait Currency Dinar

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April 7, 2011 | Afifa Gillani | No Comments | 367 views