DOCUMENT OF THE KUWAITI EMBASSY IN ANKARA (Turkey)
1-Was Kuwaiti money exported when it's country of origin was occupied by the Iraqiean state?If so, how much was the total of that particular amount of money ?
When the Iraqean invaders plundered the Central Bank of Kuwait, they exported Third Issue bank notes and bullions of gold...Nevertheless, great amount of the 356,781,608,750 Kuwaiti dinars taken from the Central Bank's coffers was regained.
2-Which Kuwaiti Dinars notes were demonitized and those put into circulation at the present time ?
Soon after God Almighty consented to Kuwait's liberation, the Third Issue of the Kuwaiti Currency was withdrawn from circulation on the 24th of March 1991, becoming therefore wortheless 45 days later. The right of exchanging these currency notes for new ones at the Central Bank of Kuwait expired more than six months later : on the 30th of september 1991. Consequently, no exchanging processes took place afterwards.
On and after the 24th of march 1991: day when the Third Issue was withdrawn from circulation, Forth Issue bank notes were submitted to the same condition on the 17th of August 1994 and ceased to be legal tender effective on the 16th of febuary 1995. The right of exchanging these Kuwaiti dinar notes at the Central Bank of Kuwait will then expire on the 16th of August 2004. On the other hand and at the present time, Fifth Issue bank notes are in circulation since the 4th of september 1994 and are now still valid.
3-When was the last time old Kuwaiti Currency was changed and how much a Kuwaiti dinar is worth compared to the US Dollar at the present time ?
Having been withdrawn from circulation and having stopped to be a legal tender after it's country of origin was invaded, from the 16th of February and onwards untill the 16th of august 2004, Forth Issue bank notes can now be exchanged at the Central Bank of Kuwait with a value compared to the US Dollar of 299,29Fils.(This value having been fixed on the 20th of december 1995 is known to vary during the day).
4-By what means old issues of the Kuwaiti Currency are recovered ?Is it possible for the Kuwaiti State to recover all the old money belonging to institutions, companies or individuals and pay therefore for it's worth as US Dollar ? Can one carry out such an operation without having to go through the Central Bank or any other kind of bank ?
As said previously, Kuwaiti Currency bank notes actually put into circulation in Kuwait are Fifth Issue bank notes. The Forth Issue notes urged into the circulation on the 24th of March 1991 have now ceased to be legal tender. However, it is only within the Central Bank's power to exchange Forth Issue bank notes, until the 16th of August 2004, for Fifth Issue ones put into circulation at the present time.
The Kuwaiti dinar is a convertible currency. Therefore, under any kind of circumstances Kuwaiti money can be bartered for any other monetary unity. It can be sold and bought freely as species by banks, companies and Motto offices. Besides, one can send and forward it by bank transfer.
