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As for Kuwaiti coins, their various denominations are one fils, five fils, ten fils, twenty fils, fifty fils and one hundred fils. They were put into circulation on the first of April 1961, and remained unchanged ever since.
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As for Kuwaiti coins, their various denominations are one fils, five fils, ten fils, twenty fils, fifty fils and one hundred fils. They were put into circulation on the first of April 1961, and remained unchanged ever since.
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The issue and circulation of currency notes and coins is subject to the provisions of law (32) of 1968 concerning currency, the Central Bank of Kuwait (CBK) and the organization of the banking business in the country. Accordingly, the issuing of Kuwaiti currency is the State's exclusive privilege, solely exercised by CBK.
The unit of currency in Kuwait is the Kuwaiti Dinar (KD), divided into one thousand Fils.
Currency notes are issued by the CBK in the following denominations: quarter dinar, half dinar, One dinar, Five dinars, ten dinars and twenty dinars.
There have been five issues of Kuwaiti currency notes since the introduction of the State's legal tender in 1961. The fifth and current issue, in circulation since April 3, 1994 reflects the latest technological advances in the banknote printing industry; thus fulfilling features of highest possible levels of security as a legal tender. One such feature, unique to this issue, is the hologram of a falcon's head on the 5, 10, 20 KD notes.
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 and utilizes high-level technology utilizing technical features and security developments realized by the Bank Note printing industry.
Soon after liberation, the fourth issue was put into circulation on March 24, 1991, so as to allow for a speedy exchange of the withdrawn third issue and to ensure the country's swift economic recovery. The fourth issue was withdrawn from circulation on August 17, 1994 and ceased to be a legal tender effective February 16, 1995. The right of exchanging these notes at the CBK expired on Monday, August 16, 2004.
Following the accession of H. H. Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah, the third issue was put into circulation by CBK on February 20, 1980, in the denominations of KD 10, 5, 1, 1/2 and 1/4. On February 9, 1986, a 20 dinar note was put into circulation. Due to the exceptional circumstances ensuing from the Iraqi invasion of Kuwait in 1990, this third issue was withdrawn from circulation effective March 24, 1991, and ceased to be a legal tender after 45 days from that date. The right of exchanging these notes at the CBK expired on Saturday, September 30, 1991.
The Second issue followed the establishment of CBK in replacement of the Kuwaiti Currency Board, thus taking over the latter's function of issuing currency notes and coins in addition to much broader tasks. The second issue was put into circulation starting on November 17, 1970 for 1/4, 1/2, and 10 dinar notes and on April 20, 1971 for 1 and 5 dinar notes. The second issue was withdrawn effective February 1, 1982, and ceased to be a legal tender on May 31, 1982.
The first issue was the result of the promulgation of the Kuwaiti Currency Law in accordance with the Amiri Decree No. (41) of 1960. This Law stipulated that the Kuwaiti Dinar shall be the national monetary unit and established the Kuwaiti Currency Board under the chairmanship of then Minister of Finance and Economy, Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah. Accordingly, on the first day of April 1961, the first issue was put into circulation, replacing the then circulating "Indian rupee". It was withdrawn from circulation effective February 1, 1982 and ceased to be a legal tender on May 31, 1982.
