The Kuwaiti dinar (KWD) is the official currency of Kuwait, as well as the highest-valued currency on the planet. Kuwait has enjoyed immense economic success as the most democratic country in the Gulf Cooperation Council, as well as the entirety of the Middle East. The immense progress of Kuwait has given it a secular edge that is not enjoyed by many of its neighbors, such as Saudi Arabia to the south, as well as Iraq to the north. This has given the Kuwaiti dinar a very high conversion rate of 1 KWD to 3.32 USD.
For the first half of the 20th century, Kuwait used the Gulf rupee, which was a sister currency to the Indian rupee for countries in the Persian Gulf, such as Kuwait and Bahrain. However, the Indian rupee was heavily connected to the British system of currency, due to their continued influence in the country. To move in a more independent direction, in 1960 Kuwait introduced the Kuwaiti dinar into the money system, and quickly made it the country’s official currency.
The Kuwaiti economy went through a roller coaster during the early 1990’s. Kuwait supported Iraq in the Iran-Iraq War, lending them over 65 billion USD, but then refused to forgive the debt after the war. This led to a chain of events that ended with Iraq invading Kuwait, throwing the Kuwaiti economy into dismay as Iraq discontinued the Kuwaiti dinar and replaced it with the Iraqi dinar. However, with the help of US forces, Iraq was pushed out of Kuwait in what is now known as the Gulf War. After this occurred, Kuwait reinstated its dinar and the IMF revalued the currency, effectively locking the central conversion rate at 3.47 USD to 1 Kuwaiti dinar, making it the most valuable currency on the planet.
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