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Kuwaiti dinar exchange rate
Are you interested in the current exchange rates and the price of the Kuwaiti dinar’s? Stay up to date at all times! Below we present the current quotes of the Kuwaiti dinar’s in our online exchange.
Kuwaiti dinar exchange rate - chart
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Exchange rate Kuwaiti dinar’s in the charts is presented for indicative purposes, based on approximate data and is not of a transactional nature, i.e. it is not part of the website's offer or a proposal to make a transaction.
Kuwaiti dinar
The Kuwaiti dinar is the official currency of Kuwait. According to the ISO 4217 standard, its code is KWD, although we can also encounter the abbreviation KD. 1 KWD is divided into 1,000 fils. The Kuwaiti dinar is considered the most expensive currency in the world.
Kuwaiti dinar - what you should know about Kuwait's currency
The Kuwaiti dinar came into circulation in 1960, replacing the Gulf Rupee, which had previously been in operation in the country. At the time, the Kuwaiti government issued 6 series of banknotes. KWD coins come in denominations of 1, 5, 10, 20, 50, 100 fils. There are also ¼, ½, 1, 2, 5, 10 and 20 dinar notes in circulation. On the obverse of Kuwaiti coins, we can see their value and the inscription 'KUWAIT', while the reverse features a traditional Arab sailing ship called a 'dau'. On the banknotes we can see many symbols related to Kuwait. On the front side, these are mainly important buildings for the country, such as the Seif Palace (20 KWD) or the Burj at-Tahrir (¼ KWD). On the back of the banknotes, you will see, for example, a tortoiseshell turtle (½ KWD) and a camel with a traditional Arabian saddle (10 KWD). The Kuwaiti dinar was one of the first currencies to use advanced methods to secure banknotes against fraud, such as holograms and special inks.
Kuwaiti dinar - history of the world's most expensive currency
The Kuwaiti dinar was introduced in 1960. At the time, it replaced the Gulf Rupee, which was pegged to the Indian Rupee. Initially, the value of the KWD was at £1. Kuwait's currency is issued by the Central Bank of Kuwait. The Kuwaiti dinar is one of the strongest currencies in the world in terms of exchange rate. Kuwait, being one of the main oil producers, has rapidly gained economic importance, which has influenced the strengthening of its currency. In the 1970s, when the price of oil skyrocketed, the value of the KWD skyrocketed, making it one of the strongest currencies in the world. The strength of the dinar was not always evident, however. Among other things, the currency survived the Iraqi invasion in 1990, when huge amounts of KWD were looted, causing the government to have to rebuild the national economy. Today, the stability of the KWD attracts investors from around the world and Kuwait continues to play a key role in the global oil market. Its high value reflects Kuwait's strategic importance in the Gulf region.
Interesting facts about the Kuwaiti dinar
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According to the International Monetary Fund (IMF), Kuwait is the eighth richest country in the world in terms of GDP per capita.
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Kuwait's taxes are among the lowest in the world. Income tax is not collected there at all. Employees only have to pay social security.
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The Kuwaiti dinar was pegged to the US dollar from 2003 to 2007.
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