Kuwait money is termed as Kuwait Dinar. In short, the currency of Kuwait is written as KWD (ISO 4217 currency code) or KD (English symbol). Sometimes, it is also known as Kuwaiti Dinar. The Kuwait Dinar made its inception in 1960 which subsequently led to the replacement of the Gulf Rupee in 1961. The currency of Kuwait happens to be one of the highest valued currencies in the world.
Kuwait money is divided into 1000 equal Kuwaiti fils. 414 is the numeric code of the currency. The notes of Kuwait come in denominations of KWD 20, 10, 5 and 1 and 500 and 250 fils. On the other hand, the coins of Kuwait come in denominations of 100, 50, 20, 10, 5 and 1 fils. The banks in Kuwait operate from 8 am to 12 noon from Sunday to Thursday. Major credit cards like MasterCard, American Express and Visa have got wide acceptance. Traveler's Cheques are also widely accepted but in order to avoid extra charge on exchange rates, the visitors must carry traveler's cheques in Pounds Sterling or US Dollars.
The term "dinar" came from the word "denarius". Denarius happened to be the currency of ancient Rome. Kuwait money has got a high rate of exchange. Given below is the exchange rate indicator as per October, 2007:
- $1.00= KWD0.28
- $1.00 = KWD0.57
- $1.00= KWD0.40
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The Central Bank of Kuwait has got the sole authority of printing banknotes, minting coins and issuing money.
