Kuwait to issue new banknotes
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Kuwait to issue new banknotes
The Central Bank of Kuwait (CBK)
announced Monday that it will release new currency notes with "modern
and enhanced security features" to cope with latest counterfeiting
challenges in the printing industry.
"The CBK has decided to release new
issue of Kuwaiti bank notes of all denominations to cope with the
developments to improve hallmarks, security features and paper quality,"
CBK Governor Mohammad Al-Hashel said in exclusive statements to KUNA
Monday.
"The cabinet, upon a recommendation
of the CBK, endorsed today the new issuance and the features and design
of the different notes," marking "the sixth issuance of the Kuwaiti
currency notes since 1961." The unit of currency in Kuwait is the
Kuwaiti dinar, divided into one thousand fils, while notes are issued
according to the denominations of the quarter dinar, half dinar, one
dinar, five dinars, 10 dinars and 20 dinars.
Al-Hashel pointed out that the CBK
has started preparations for the printing and circulation of the new
notes, expecting that they will be on the market within a year with the
current ones continuing to be curculated as they are gradually withdrawn
from the market.
The CBK Governor expressed confidence that the new banknotes will be to the liking of bankers and the public.
There have been five issues of
Kuwaiti currency notes since the introduction of a state legal tender on
the matter in 1961. The fifth and current issue was released in 1994.
http://www.kuna.net.kw/ArticleDetails.aspx?id=2316012&Language=en
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