Tuesday, April 18, 2017

Kuwaiti Dinar celebrates 56th anniversary


The national currency, the Kuwaiti Dinar (KD), will be celebrating its 56th anniversary as being the financial building block which helped the nation grow and expend.

Before replacing the Indian Rupee in 1961, the initial plans for issuing a national currency began in 1958 during which the highest authorities in Kuwait made it imperative for the country to start steps for independence both politically and economically.

With the declaration of Amiri decree 41/1960, the Kuwaiti monetary council was established to look into measures to issue the currency and coins.

In April 1, 1961, the Kuwaiti and Indian governments agreed to withdraw the Gulf Rupee, basically the Indian currency, from the Kuwaiti markets to begin efforts for replacing the banknotes with the new bill.

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