OVERVIEW
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The Kuwaiti Dinar is the official currency of Kuwait,
a nation that lies on the north-western shore of the
Persian Gulf. It is bordered by Saudi Arabia to the
south and Iraq to the north. The emirate covers an
area of 17,820 square kilometers (6,880 sq mi) and
has a population of about 3.6 million. Economy Kuwait has a GDP (PPP) of 167.9 billion USD and
per capita income of 81,800 USD, which makes it
the fifth richest country in the world per capita.
Kuwait has proven crude oil reserves of 104
million oil barrels (15 km³), estimated to be 10%
of the world’s reserves. According to the Constitution of Kuwait, all natural resources in
the country and the associated revenues are
government property.
As Kuwait is a tax-free country, the oil industry
represents 80% of government revenue.
Petroleum and petrochemicals account for nearly half of the GDP and 95% of all export earnings.
Since 2003, increasing oil prices have led to an
increase in the economy of Kuwait.
In 2007, estimated exports stood at 59.97 billion
USD and imports were about 17.74 billion USD.
The main exports are petroleum, petrochemicals, fertilizers, and financial services.
Kuwait imports a wide range of products, from
food and textiles to machinery.
Kuwait's most important trading partners are
Japan, the USA, India, South Korea, Singapore,
China, the European Union, and Saudi Arabia. Japan is the largest consumer of Kuwaiti oil,
followed by India, Singapore, and South Korea. HISTORY
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The Kuwaiti Dinar was introduced in 1961 to
replace the Gulf Rupee. At first it was equivalent
to British Pound Sterling. As the Rupee was fixed at 1 shilling 6 pence, this resulted in a conversion
rate of 13⅓ Rupees to the Dinar.
When Iraq invaded Kuwait in 1990, the Iraqi Dinar replaced the Kuwaiti Dinar. Coins and a large quantity 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.
To date five series of Kuwaiti Dinar banknotes
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 April 1, 1961 to February 1,
1982 and consisted of denominations of ¼, ½, 1,
5, and 10 dinars. After the Central Bank of Kuwait replaced the
Kuwait Currency Board, new ¼, ½, and 10 dinar
notes were issued in November, 1970, followed
by new 1 and 5 dinar notes in April, 1971. This
second series was withdrawn on February 1,
1982.
1 KUWAITI DINAR=659 NAIRA(12-06-2015)

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