Time Period: 1950-1965

Timeline

  • 29.04.1959
  • Indian Act [Reserve Bank of India (Amendment) Act, No. 14] for the issue of special banknotes for the Gulf region by the Reserve Bank of India; effective 01.05.1959.
  • 11.05.1959
  • Start of currency exchange:
    - 11.05.1959: Start of issuance of the special Indian banknotes for the Gulf region
    - 22.06.1959: End of exchange period, demonetization of the regular Indian banknotes.


Time Period: 1961- (AH:1380- )

Currency: Kuwaiti Dinar


Timeline

  • 19.10.1960
  • AH:28.04.1380
  • Amiri decree [No. 41] on the establishment of the currency board and the creation of the currency; effective upon contitution of the board on 01.04.1961
  • 01.04.1961
  • Start of currency exchange:
    - 01.04.1961: Start of issuance of the new banknotes and coins
    - 12.05.1961: Demonetization of the Indian (Gulf) currency
  • 1990-1991
  • Iraqi annexation of Kuwait:
    - 07.10.1990: Start of currency exchange at 1 Kuwaiti Dinar = 1 Iraqi Dinar (corresponded to a devaluation by 5.9%), not known if the exchange period was limited.
    - 24.03.1991: Start of currency exchange after the liberation, pre-annexation Kuwaiti banknotes were exchanged at par into new banknotes until 08.05.1991. Iraqi banknotes had (probably) to be exchanged individually.

Valuation Regimes

  • 1961-1967
  • Fixed rate against British Pound
  • 1967-1975
  • Fixed rate against US Dollar
  • 1975-
  • Variable rate

Rate Arrangements

  • 01.04.1961
  • Fixed
  • British Pound at 1 : 1 - [Gold parity (26.04.1963)] 2'488.28mg AU fine
  • ±0.0%
  • 18.11.1967
  • Fixed
  • US Dollar at 2.80 : 1 - [Gold parity] 2'488.28mg AU fine
  • ±0.0%
  • 20.12.1971
  • Fixed
  • US Dollar at 3.04 : 1
  • +8.6%
  • 13.02.1973
  • Fixed
  • US Dollar at 3.338 : 1
  • +11.1%
  • 17.05.1975
  • Variable
  • initially: US Dollar at 3.338 : 1
  • ±0.0%


End-year Forex Rates (Units per US Dollar)