Kuwaiti Dinar

Overview

Economy

• Kuwait is a member of GCC, Arab League, OIC, OPEC.
• Main industries include: Petroleum, Petrochemicals, Cement, Shipbuilding, Construction materials, Food processing, Textiles.
• Kuwait is part of the World Trade Organization.
• Imports are food, construction materials, vehicles, parts, machinery, equipment.
• Major exports include oil and refined products, fertilizers.
• GDP: $184.6 billion (2023 est.).
• GDP per capita: $42,432 (2023 est.).
• Unemployment rate: 3.4% (2023 est.).
• Inflation rate: 3.6% (2023 est.).
• Main trading partners: China, India, Japan, South Korea, United States, Singapore.
• Trade agreements: GCC Common Market, Various bilateral agreements.

History

• Previous currencies used: Gulf rupee, Indian rupee.
• The Kuwaiti dinar was introduced in 1961, replacing the Gulf rupee. It has been one of the world's strongest currencies due to Kuwait's substantial oil reserves and prudent monetary policy.
• 1961: KWD introduced, replacing Gulf rupee
• 1969: Central Bank of Kuwait established
• 1975: Peg to weighted basket of currencies adopted
• 1990-1991: Gulf War impact and temporary suspension
• 2003: Return to currency basket peg
• 2007: Dropped USD peg for basket peg
• Exchange rate peg: Currency basket (1975-present) with periodic adjustments.
• Currently pegged to Basket of currencies at Weighted basket including USD, EUR, GBP, JPY.

General Information

• ISO 4217 Code: KWD
• Symbols: KWD/د.ك
• Currency Subunits: 1000 fils
• Central Bank: Central Bank of Kuwait
• Monetary Policy: Currency basket peg system. Focus on maintaining price stability and supporting oil-based economy diversification.
• Bills: 250 fils, 500 fils, 1 KWD, 5 KWD, 10 KWD, 20 KWD
• Coins: 1 fils, 5 fils, 10 fils, 20 fils, 50 fils, 100 fils
• USD Exchange Rate: Variable (approximately 0.31 KWD per USD)
• Pegged To: Basket of currencies at Weighted basket including USD, EUR, GBP, JPY
• Capital: Kuwait City
• Population: 4,310,108 (2023 est.)
• Area: 17,818 km²
• Languages: Arabic (official), English widely spoken
• Time Zones: UTC+3 (Arabia Standard Time)
• Government Type: Constitutional monarchy
• Head of Government: Emir (head of state), Prime Minister (head of government)
• Independence: June 19, 1961 (from United Kingdom)
• Ethnic Groups: Kuwaiti 30.4%, Other Arab 27.4%, Asian 40.3%, African 1%, Other 0.9%
• Religions: Muslim 74.6%, Christian 18.2%, Other 7.2%
• Literacy Rate: 96.1% (2020 est.)
• Transport: Kuwait International Airport, modern road networks, major ports (Shuwaikh, Shuaiba)
• Communications: Advanced telecommunications, 99% internet penetration, comprehensive mobile coverage
• Energy: Oil and gas 100% (moving toward renewable energy projects)
• Countries Using This Currency: Kuwait
• Data Sources: Central Bank: Central Bank of Kuwait (cbk.gov.kw), Economic Data: Central Statistical Bureau Kuwait, World Bank, IMF, Trade Data: Kuwait Chamber of Commerce and Industry, Demographic Data: Central Statistical Bureau Kuwait, Geographic Data: Kuwait Meteorological Department, Historical Data: Central Bank of Kuwait archives
• Last Updated: 2025