Gulf rupee
The Gulf rupee is the currency that Kuwait used before the dinar was issued, and it was linked to the Indian rupee, as it had the same value as the British pound sterling, and it is noteworthy that in 1960 AD the Kuwaiti dinar was issued in 1960 AD to replace it.
History of the currency of Kuwait
The British used the Indian rupee as the currency of Kuwait before replacing it with the Gulf rupee in 1959 AD. The Gulf rupee was linked to the Indian rupee, as it was issued by the Indian government in 1959 AD to be used outside India, especially in the Arab Gulf region. The rupee was also linked to the pound sterling, and after the occurrence of Kuwait on its independence, and with the end of the treaties that were established after the end of the Ottoman Empire in 1961 AD, the Kuwaiti Currency Council established a law aimed at establishing a currency for the State of Kuwait, and the Council introduced the Kuwaiti dinar as an alternative to the Gulf rupee, and until 1966 AD both currencies were circulated, except that after Devaluation Ended the use of the Gulf rupee.
The Kuwaiti dinar was linked to a series of strong currencies between 1975 and 2003 AD, as it was linked to the US dollar in 2003 AD, so that one dollar corresponded to about 0.3 Kuwaiti dinars, but as of May 2019 AD, the value of the Kuwaiti dinar reached about 3.29 US dollars, which It made it one of the most expensive currencies in the world, and the period between 2016 AD and 2019 AD was considered a period of relative stability for the Kuwaiti currency, as its value ranged between 3.27-3.36 US dollars.
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The Kuwaiti dinar is issued by the Central Bank of Kuwait, which is the main banking regulatory body for Kuwait. In addition to the Central Bank, there are many banks in Kuwait that specialize in the fields of savings, insurance, industrial loans, and real estate, with the presence of many commercial banks.
The Kuwait Stock Exchange has also become one of the largest stock exchanges in the world, as it was established in 1977 AD, and in 1982 AD it was subjected to a stock collapse that led to the collapse of the local economy, and a recession in the country, which prompted the Kuwaiti government to implement a debt settlement program that ended at the beginning of the twenty-first century. Petroleum and petroleum products have contributed to the development of the Kuwaiti economic sector, thus increasing its revenues.
Pictures printed on Kuwait currency
The Kuwaiti currency contains several images that represent the Kuwaiti culture and other aspects of the country, where a picture of some young girls playing an old game is printed on the quarter dinar denomination, while the half dinar denomination depicts a boy playing a traditional game, and a picture of a water storage container is printed on the dinar denomination. The five dinar note contains a picture of an oil refinery, and the twenty dinar note includes a picture of the Central Bank of Kuwait.
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