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History & Facts

Kuwait's Currency

The Issue and Circulation of the Kuwaiti Currency Notes and Coins shall be subject to the stipulations of Law No. ( 32 ) of the year 1968 concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business. The issue of the Kuwaiti Currency is the exclusive privilege of the State of Kuwait and shall be exercised solely and exclusively by the Central Bank of Kuwait .

The first issue of the Kuwaiti Currency was put into circulation in April, 1961. The unit of currency shall be the Kuwaiti Dinar and shall be divided into One Thousand Fils .

The Central Bank of Kuwait may issue currency bank notes in the following denominations: Quarter Dinar, Half Dinar, One Dinar, Five Dinars, Ten Dinars, Twenty Dinars. There have been five consecutive issues of the Kuwaiti Currency issued since the beginning of placing the Kuwaiti Currency in circulation. The Fifth Issue is the only currently circulating currency of the state of Kuwait . As far as the coins are concerned, no changes have so far been made since the day it was issued and dealt with as of April 1, 1961. The units of these coins are as follows : One Fils, Five Fils, Ten Fils, Twenty Fils, Fifty Fils, One Hundred Fils. it is worth mentioning that during the Iraqi occupation of the State of Kuwait, among other items the Iraqi occupiers stole large sums of Third Issue of Kuwaiti Notes, that were never placed onto circulation until that time , from the vaults of the Central Bank of Kuwait . In line with Law No. ( 2A/90 ), the Ministerial Decisions Nos. ( 1A/90 ) and ( 2A/90 ) were issued to determine the serial numbers of these currency bank-notes. Thus, the Central Bank of Kuwait will no way exchange these stolen currency notes, in implementation of Clause ?2î of Article (10) of Law No. (32) of the year 1968 mentioned here in above.

 

 

The First Issue of the Kuwaiti Currency was put into circulation by the Kuwait Currency Board on Saturday, April 1, 1961, replacing the then circulation currency such as the ? Indian Rupee. The First Issue was withdrawn from circulation effective Monday, February 1, 1982, and ceased to be legal tender on Monday, May 31, 1982.The right of Exchanging these currency notes at the Central Bank of Kuwait expired on Saturday, February 1, 1992 .

First Issue of the Kuwaiti Currency

The Second Issue of the Kuwait Currency was put into circulation by the Central Bank of Kuwait with denominations of KD. 1/4, 1/2 and 10 on Tuesday November 17, 1970, and denominations of KD. 1 and KD. 5 on Tuesday, April 20, 1971. The Second Issue was withdrawn from circulation effective Monday , February 1, 1982, and ceased to be legal tender on Monday, May 31, 1982. The right of Exchanging These currency notes at the Central Bank of Kuwait expired on Saturday, February 1, 1992.

Second Issue of the Kuwait Currency

The Third Issue of the Kuwaiti Currency was put onto circulation by the Central Bank of Kuwait on Wednesday, February 20, 1980, in the denomination KD. 10, 5, 1, 1/2 and 1/4 On Monday, January 27, 1986, a new currency note in the denomination of KD. 20 was issued and placed into circulation on Sunday, February 9, 1986. The Third Issue was withdrawn from circulation effective Sunday, March 24, 1991, and ceased to be legal tender after 45 days of withdrawal, as an exceptional case, due to the Iraqi invasion and occupation of Kuwait. The right of exchanging these currency notes at the Central Bank of Kuwait expired on Saturday, September 30, 1991. ( Refer to "Introduction" ).

Third Issue of the Kuwait Currency

The Fourth Issue of the Kuwaiti Currency was put into circulation by the Central Bank of Kuwait on Sunday, March 24, 1991, soon after the liberation of The State of Kuwait, in order to speed up the exchange process of the withdrawn Third Issue notes, as well as to ensure the continuous speedy recovery of the economy. The Fourth Issue was withdrawn from circulation on Wednesday, August 17, 1994, and ceased to be legal tender effective Tuesday, February 16, 1995. The right of exchanging these currency notes at the Central Bank of Kuwait will expire on Monday, August 16, 2004.

Fourth Issue of the Kuwaiti Currency

The Fifth Issue of the Kuwaiti Currency was placed into circulation effective Sunday, April 3, 1994. It is the current circulating currency of the State of Kuwait with high level technology utilizing technical features and security development realized by the Bank Note printing industry .

Fifth Issue of the Kuwaiti Currency