Kuwaiti dinar. Dearest of all

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

We have long been accustomed to the fact that all transactions in foreign currencies are almost automatically converted into US dollars. Meanwhile, the dollar is by no means the most stable currency and not the most expensive on the world market. In relation to the Russian ruble, and in general in the world market, the leading position is occupied by the Kuwaiti dinar.

History of the country and currency of Kuwait

Almost the entire state consists only of the city of the same name and a piece of desert adjacent to it. But the local bill (dinar) occupies one of the leading places in the world market. Dinars gladly accept banks not only in the Middle East, but all over the world. The dinar is resistant to economic storms and is considered a freely convertible currency. But it was not always so. At the very beginning of the 19th century, Great Britain increased its influence throughout the Middle East. And at the very end of the 19th century, Kuwait fell under the protectorate of Britain.

And only by the beginning of the 60s of the twentieth century, Kuwait gains independence. For quite a long time, the Indian rupee was used as a currency throughout the Middle East. Closer to the time of independence, at the time of the transition, a special Persian Gulf rupee was issued. Initially, its rate was equated to the Indian rupee. Alreadyafter Kuwait became independent, in 1961, the dinar appears as a currency. Initially, its rate was equated to the British pound sterling. A little more than 10 years later, the Kuwaiti dinar was exchanged against the dollar at a ratio of 1 to 3. Even now, this rate has changed little. At the beginning of the last decade of the twentieth century, Kuwait was occupied by Iraq. The occupiers actively took out all the cash from the country. In this regard, after the completion of the military operation, the government of Kuwait was forced to issue new banknotes. At the same time, back in the early 90s of the last century, the Kuwaiti dinar had such high degrees of protection that many currencies of the world cannot boast of after 20 years.

What does the most expensive currency in the world look like?

Quite surprising for many face values on Kuwaiti bills. So, in Kuwait, banknotes in denominations of ½ and ¼ dinar are in circulation. It should also be said that the dinar itself consists of a thousand fils. Also, banknotes of 20, 10, 5 and 1 dinar are in circulation throughout the country.

Kuwaiti dinar (photos of banknotes are presented in the article) looks quite unusual for European banknotes. So on a banknote of 5 dinars on the obverse (front side) of the banknote, ancient millstones and the Tower-Mosque are depicted. And on the back of the plant is depicted. The banknote itself is pink, on all banknotes of Kuwait the coat of arms of the state is depicted. Also, coins of various denominations are in circulation in the country. Please note that the coins were not replaced during the monetary reform (their issue year was before 1991). import, soas well as export, currency into the country is unlimited.

What country is this and currency

As mentioned earlier, the dinar is one of the most expensive bills in the world. For example: the Kuwaiti dinar was exchanged against the ruble at the beginning of February at the rate of 223 rubles for one dinar. The ratio to the dollar remains virtually constant - one to three. Of course, with this level of currency, the citizens of Kuwait are perhaps the richest in the Middle East. The country ranks 4th in the world in terms of the number of millionaires per thousand indigenous people. Also in the recent past, Kuwait was recognized by the UN as the best country to live in.

How not to fall into the trap?

If you have to get to the Middle East by the will of fate, you should be careful with the exchange of currency for the Kuwaiti dinar. As already mentioned, at the end of the last century, during the invasion of the country, a huge amount of cash was taken out. Of course, in Kuwait itself, one should not be afraid of substitution. All exchange offices have posters depicting new and old banknotes. But if you decide to do it somewhere in a remote village, be extremely careful. Although there is a fairly simple option to distinguish the "real" dinar. It must be printed no earlier than 1992.

And if suddenly…

When planning a trip to Kuwait, you need to know that currencies of other countries are practically not accepted here. Of course, there is a possibility that somewhere in the market they will take money from you based on the exchange rate. But it's still better to have a Kuwaitidinar. There are exchange offices in almost all shops and banks. However, even in them it is worth carefully studying the terms of the exchange, since many banks charge quite large interest rates even for small amounts. Exchange offices work according to a rather peculiar schedule. On Friday they do not work, on Thursday - only until noon. On the rest of the days - from eight in the morning until noon, and then from four to eight o'clock. By the way, credit card holders can be calm, they are accepted for payment almost everywhere. When leaving the country, do not rush to change the Kuwaiti dinar. You still have time to return to the ruble, it will not be difficult to exchange it in Moscow. But you will have to pay the airport tax in dinars. Everyone who leaves Kuwait by plane must pay 2 dinars.