KWDKuwaiti DinarKuwaiti Dinar (KWD)
The Kuwaiti dinar is Kuwait's national currency and a Gulf monetary unit managed against a weighted basket rather than a single public dollar parity.
- ISO code
- KWD
- Symbol
- د.ك
- Region
- Middle East
- Currency type
- Fiat currency
- Exchange system
- KWD is managed against an undisclosed weighted basket of currencies from Kuwait's major trade and financial partners. It is not currently maintained at one fixed public USD parity.
- Last reviewed
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Quick facts
KWD at a glance
Currency profile
How KWD works
The Kuwaiti dinar is Kuwait's national currency and a Gulf monetary unit managed against a weighted basket rather than a single public dollar parity.
The Central Bank of Kuwait has the exclusive currency-issue role and manages the dinar's exchange-rate policy under national law.
- KWD is divided into 1,000 fils and therefore uses three decimal places in ordinary monetary notation.
- Since May 2007 its value has been based on an undisclosed weighted basket of major currencies.
Context
Why this currency matters
KWD is often described only as a high-value currency, but its policy framework is more informative: Kuwait returned from a temporary U.S.-dollar peg to an undisclosed trade-weighted basket in 2007. That distinction prevents a provider KWD/USD figure from being mistaken for a fixed official dollar parity.
Monetary framework
Exchange arrangement
KWD is managed against an undisclosed weighted basket of currencies from Kuwait's major trade and financial partners. It is not currently maintained at one fixed public USD parity.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for KWD
Kuwaiti dinar introduced
The dinar replaced the Gulf rupee after Kuwait's independence-era monetary transition.
Central Bank of Kuwait - exchange-rate policyTemporary U.S.-dollar peg began
Kuwait shifted from its currency basket to a U.S.-dollar peg with permitted margins.
Central Bank of Kuwait - exchange-rate policyWeighted currency basket restored
The Central Bank of Kuwait returned the dinar to an undisclosed weighted basket of major currencies.
Central Bank of Kuwait - exchange-rate policy
Usage and economy
How KWD is used
- Prices, payroll and payments in Kuwait.
- Gulf trade and comparisons with BHD, QAR, SAR and AED.
Country currency guides
Banknotes and coins
KWD currency units
The Central Bank of Kuwait documents the legal denominations and banknote-issue framework for KWD.
Kuwait's currency law defines the dinar as 1,000 fils and provides for national coin issuance.
One Kuwaiti Dinar unit is recorded with 3 decimal places and uses Fils as its minor unit.
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Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
Currency topics
FAQ
KWD questions
Is KWD fixed to the U.S. dollar?
No. Since May 2007 the Kuwaiti dinar has been managed against an undisclosed weighted basket of major currencies.
Why does KWD use three decimal places?
One Kuwaiti dinar is divided into 1,000 fils, so three-decimal notation follows the currency's unit structure.
What did the Kuwaiti dinar replace?
KWD replaced the Gulf rupee in 1961.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.