Kuwaiti dinar

The dinar (Arabic: دينار, ISO 4217 code KWD) is the currency of Kuwait. It is sub-divided into 1,000 fils.

History

The dinar was introduced in 1960 to replace the Gulf rupee ( equal to Indian rupee ). It was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence, this resulted in a conversion rate of 13 ¹⁄₃ rupees to the dinar.

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. After liberation, the Kuwaiti dinar was restored as the country's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized.

Coins

The following coins were first introduced in 1961:

Banknotes

To date six series of the Kuwaiti dinar banknote have been printed. 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 ¹⁄₄, ¹⁄₂, 1, 5 and 10 dinars.

KWD (disambiguation)

KWD could refer to: