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Bank of Kuwait denies the reported Kuwaiti dinar

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Bank of Kuwait denies the reported Kuwaiti dinar Empty Bank of Kuwait denies the reported Kuwaiti dinar

Post by claud39 on Sat Oct 03, 2020 1:22 pm

[size=46]Bank of Kuwait denies the reported Kuwaiti dinar[/size]




 10-03-2020




Bank of Kuwait denies the reported Kuwaiti dinar Image






The Central Bank of Kuwait stated to continue adhering to the policies aimed at strengthening the dinar, stressing its commitment to preserving the strength of the Kuwaiti dinar while the exchange rate remains stable.

The bank said in a tweet on its page on the social networking site "Twitter": "In light of a report published by some websites on the devaluation of the dinar, the bank affirms its commitment to maintaining the stability of the dinar exchange rate, in a way that guarantees its purchasing power."
















[size=30]Bank of Kuwait denies the reported Kuwaiti dinar EjYW5-uX0AIHDyW?format=jpg&name=small
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[size=30]https://www.dijlah.tv/index.php?page=article&id=265445[/size]
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Bank of Kuwait denies the reported Kuwaiti dinar Empty Re: Bank of Kuwait denies the reported Kuwaiti dinar

Post by claud39 on Sat Oct 03, 2020 1:26 pm

Convert or find out the rates of major currencies around the world.
Disclaimer: All rates on this site are published and used for information purposes only. National Bank of Kuwait accepts no liability whatsoever for any direct or consequential loss and/or damage arising from its use.


Multi-Currency ATM’s are available at the transit area, near gate 3 and 24 at Kuwait International Airport, allowing NBK customers to withdraw cash amounts in six different currencies (USD, Euro, GBP, AED, SAR, and KD).

 
 
[th] [/th][th]Currency Name[/th][th]Buy Rate[/th][th]Sell Rate[/th][th]1 KD Buys[/th][th]1 USD Buys[/th]
Bank of Kuwait denies the reported Kuwaiti dinar 01KUWAITI DINAR1.00000001.00000001.00000000.3052000
Bank of Kuwait denies the reported Kuwaiti dinar 03U S DOLLAR0.30515000.30825003.24410001.0000000
Bank of Kuwait denies the reported Kuwaiti dinar 02POUND STERLING0.38943000.39986002.50090000.7631000
Bank of Kuwait denies the reported Kuwaiti dinar 98EURO0.35407000.36414002.74620000.8380000
Bank of Kuwait denies the reported Kuwaiti dinar 19AUSTRALIAN DOLLAR0.21422000.22286004.48710001.3692000
Bank of Kuwait denies the reported Kuwaiti dinar 21BAHRAINI DINAR0.80956000.81761001.22310000.3732000
Bank of Kuwait denies the reported Kuwaiti dinar 08CANADIAN DOLLAR0.22462000.23255004.30020001.3122000
Bank of Kuwait denies the reported Kuwaiti dinar 11DANISH KRONER0.04783000.048580020.58460006.2814000
Bank of Kuwait denies the reported Kuwaiti dinar 27EGYPTIAN POUNDS0.01872000.020020049.950000015.2423000
Bank of Kuwait denies the reported Kuwaiti dinar 16INDIAN RUPEE0.00410420.0042081237.636900072.5149000
Bank of Kuwait denies the reported Kuwaiti dinar 23IRAQI DINAR0.00000000.00028443516.17440001072.9606000
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Bank of Kuwait denies the reported Kuwaiti dinar Empty The Central Bank of Kuwait confirms its commitment to the strength and stability of the dinar

Post by claud39 on Sat Oct 03, 2020 1:43 pm

[size=41]The Central Bank of Kuwait confirms its commitment to the strength and stability of the dinar[/size]


October 3, 2020



Bank of Kuwait denies the reported Kuwaiti dinar %D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A



The Central Bank of Kuwait said today, Saturday, that it is committed to the strength of its national currency, the dinar, and the stability of its exchange rate.


The bank stated in a tweet on its official account on the “Twitter” site that “in light of a report published by some websites about the devaluation of the dinar … (the bank) affirms its commitment to maintaining the stability of the dinar exchange rate in a way that guarantees its purchasing power.”


The bank added that it will also continue to adhere to policies aimed at strengthening the dinar and maintaining financial and monetary stability in the country.


On September 21, 2020, Kuwait’s monetary reserve recorded its highest historical level at the end of last August, after rising to 13.55 billion dinars (44.39 billion dollars).


The monetary reserve in Kuwait rose by 3.8% monthly, at a value of 494 million dinars (about 1.62 billion dollars), to surpass its highest historical level ever last June, when it reached 13.11 billion dinars (42.9 billion dollars).


The increase in Kuwait’s foreign monetary reserves came in conjunction with the remarkable recovery from the repercussions of the Corona virus, the gradual return of economic life, and the rise in oil prices.



The Kuwaiti dinar was linked to a basket of currencies between March 18, 1975 and January 4, 2003, and then the peg changed to the dollar from January 5, 2003 until May 20, 2007.
On June 16, 2007, the Kuwaiti dinar was re-linked to the basket of currencies. Currently, the value of the dinar is about 3.45 US dollars, and it is the highest exchange rate in the world.


It is worth noting that the Kuwaiti Currency Board issued the first Kuwaiti dinar on the market in 1960, replacing the Indian rupee that was used before it, and then the Central Bank of Kuwait issued six other currency issues, the last of which was in 2014.

https://www.saudi24news.com/2020/10/the-central-bank-of-kuwait-confirms-its-commitment-to-the-strength-and-stability-of-the-dinar.html
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Bank of Kuwait denies the reported Kuwaiti dinar Empty History of Indian currency: How the rupee changed Read more at: https://economictimes.indiatimes.com/wealth/save/history-of-indian-currency-how-the-rupee-changed/articleshow/55635259.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Post by claud39 on Sat Oct 03, 2020 1:46 pm

It is worth noting that the Kuwaiti Currency Board issued the first Kuwaiti dinar on the market in 1960, replacing the Indian rupee that was used before it






 

History of Indian currency:






How the rupee changed Last Updated: Nov 28, 2016, 07:24 PM IST Synopsis The Mahatma Gandhi series of notes were issued in 1996, starting with Rs 10 and Rs 500 notes, which replaced all notes of the Lion capital series. Although it owes its origin to rupiya, issued by Sher Shah Suri in
 
1540-45.
ET traces the history of rupee from the British era to now. The word ‘rupee’ has been derived from the Sanskrit word rupyakam, meaning a silver coin. It owes its origin to rupiya, issued by Sher Shah Suri in 1540-45. Today, the Reserve Bank of India issues currency under the RBI Act 1934. ET traces the history of rupee from the British era to now. 1540-45 Silver coin issued by Sher Shah Suri. It remained in use during the Mughal period, Maratha era and British India.
 
1770-1832
Earliest paper rupees issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91).
 
1 Apr 1935
Reserve Bank of India is set up.
 
Jan 1938
First note of Rs 5 issued by the Reserve Bank
 
Feb-Jun 1938
Rs 10, Rs 100, Rs 1,000 and Rs 10,000 issued
 
Aug 1940
Rs 1 note reintroduced. Rs 1 was first introduced on 30 Nov 1917, followed by Rs 2 and 8 annas, and was discontinued on 1 Jan 1926.
 
Mar 1943
Rs 2 introduced
1950 First post-Independence coins issued in 1 pice, 1.2, one and two annas, 1.4, 1.2 and Rs 1 denominations.
 
1953
Hindi was displayed prominently on the new notes, and plural of rupaya 1954 was decided to be rupiye.
 
1954
High denomination notes of Rs 1,000, Rs 5,000, and Rs 10,000 reintroduced. 1957 Rupee was decimalised and divided into 100 naye paise.
 
1957-67
Aluminium one-, two-, three-, five- and ten-paise coins introduced.
 
1967
Sizes of notes reduced due to the lean period of the early Sixties.
 
1980
New notes issued with symbols of science & tech (Aryabhatta on Rs 2 note), progress (oil rig on Rs 1 and farm mechanisation on Rs 5) and Indian art forms on Rs 20 and Rs 10 notes (Konark wheel, peacock).
Oct 1987
Rs 500 note introduced due to the growing economy and fall in purchasing power.
 
1988
Stainless steel coins of 10, 25 and 50 paise introduced.
 
1992
Rs 1 and Rs 5 coins in stainless steel introduced.
 
1996
The Mahatma Gandhi series of notes issued, starting with Rs 10 and Rs 500 notes. This series has replaced all notes of the Lion capital series. A changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped were the new features.
 
2005-8
New 50 paise, Rs 1, Rs 2 and Rs 5 stainless steel coins introduced.
 
2009
The printing of Rs 5 notes (which had stopped earlier) resumed.
July 2010
New symbol ‘Rs ’ is officially adopted.
 
2011
25 paise coin and all paise coins below it demonetised. New series of 50 paise coins and Rs 1, Rs 2, Rs 5 and Rs 10 notes with the new rupee symbol introduced.
 
2012
New ‘Rs ’ sign is incorporated in notes of the Mahatma Gandhi series in denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000. Nov 2016 Rs 500 and Rs 1,000 notes discontinued and new Rs 500 and Rs 2,000 notes introduced. Demonetised! When notes and coins were withdrawn in the past.
 
12 Aug 1946
Rs 500, Rs 1,000 and Rs 10,000 notes were demonetised to control black money.
 
1954
High denomination notes of Rs 1,000, Rs 5,000, and Rs 10,000 reintroduced.
 
16 Jan 1978
Denominations higher than Rs 100 demonetised again to control the menace of black money.
 
1987 & 2000
While Rs 500 note was issued in 1987, the Rs 1,000 note was reintroduced in the year 2000.
 
1995
Rs 1 and Rs 2 notes were removed from circulation.
 
2011
25 paise and all paise coins below this denomination were withdrawn.
The pre independence british series
The Paper Currency Act of 1861 gave the British government the monopoly to issue notes in India.
 
Victoria portrait series
The series comprised the first British India notes—Rs 10, Rs 20, Rs 50, Rs 100, Rs 1,000. These were unifaced, carried two language panels and were printed on hand-moulded paper.
 
Underprint series
In 1867, the Victoria Portrait series, withdrawn due to forgeries, was replaced by this series. Initially, notes were legally encashable only in the Currency Circle in which they were issued, but in 1903-11, Rs 5, Rs 10, Rs 50 and Rs 100 were universalised.
 
Small denomination notes
Paper currency of small denominations was started due to the first World War, with Rs 1 introduced on 30 November 1917.
 
King’s portrait series

This series carried the portrait of George V and was started in May 1923 with Rs 10 note and included Rs 5, Rs 10, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 10,000. This continued till 1935 when the Reserve Bank of India was set up.




https://economictimes.indiatimes.com/wealth/save/history-of-indian-currency-how-the-rupee-changed/articleshow/55635259.cms
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Bank of Kuwait denies the reported Kuwaiti dinar Empty The Kuwaiti dinar is strong and durable ... and resistant to shocks

Post by claud39 on Wed Oct 07, 2020 1:52 pm

The Kuwaiti dinar is strong and durable ... and resistant to shocks


06 / 10/2020





Bank of Kuwait denies the reported Kuwaiti dinar %D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A-%D9%82%D9%88%D9%8A%D9%91%D9%8C-%D9%88%D9%85%D8%AA%D9%8A%D9%86..-%D9%88%D9%85%D9%82%D8%A7%D9%88%D9%85-%D9%84%D9%84%D8%B5%D8%AF%D9%85%D8%A7%D8%AA






The expectations of some economic sites that the Kuwaiti dinar might decline, due to the reduction of the sovereign rating, and the Central Bank of Kuwait denied those expectations, raised questions among the dinar holders and dealers about the possibility of this happening. In light of the Central Bank’s assurances, its commitment to the strength of the dinar and the stability of its exchange rate to ensure its purchasing power, in addition to its continuing commitment to policies aimed at strengthening it, the dinar will remain at the top of the list of the most expensive global currencies against the US dollar, albeit for a while.


Although the dinar has been exposed to two global crises during the last twenty years (the 2008 financial crisis and the Corona crisis), as well as many internal and regional crises, the dinar has remained at the top of the list of the world's most expensive currencies, thanks to the monetary policy maker’s adherence to the decision to keep the Kuwaiti currency on top, armed with the strength of the economy. Kuwait and the large foreign currency cover, although it recorded a decline of about 11% during those years, at a rate of 0.6% annually. Many economists assert that it is in Kuwait’s interest to keep its currency strong, and the reason is simply that it is a country that depends on oil as the only source of income, and that it sells oil for dollars. The higher the price of the dinar, the greater the number of dollars and the greater the cash reserve.


Here are the full details


The expectations of some economic sites that the Kuwaiti dinar price may decline, due to the reduction of the sovereign rating, and the Central Bank of Kuwait denied those expectations, raised questions among holders and dealers of the dinar about the possibility of this happening. In light of the Central Bank's assurances, its commitment to the strength of the dinar and the stability of its exchange rate to ensure its purchasing power, in addition to its continued commitment to policies aimed at strengthening it, the dinar will remain high on the throne of the most expensive global currencies against the US dollar, even if for a while.


Although the dinar has been exposed to two global crises during the last twenty years (the 2008 financial crisis and the Corona crisis), in addition to many internal and regional crises, the dinar has remained at the top of the list of the most expensive currencies in the world, thanks to the monetary policy maker’s adherence to the decision to keep the Kuwaiti currency on top, armed with the strength of the Kuwaiti economy And the large foreign exchange cover, although it recorded a decline of about 11% during those years, at a rate of 0.6% annually.
Is it in Kuwait’s interest to reduce the dinar?


Many economists assert that it is in Kuwait’s interest to keep its currency strong, and the reason is simply that it is a country that depends on oil as the only source of income, and that it sells oil for dollars. The higher the price of the dinar, the greater the number of dollars and the greater cash reserves.


In addition, Kuwait is a country that only exports oil and is not an industrial or agricultural country, and therefore there are no sectors that can benefit from the devaluation of the currency, or a large number of international companies that acquire foreign currencies, hence the devaluation of the currency will weaken the purchasing power of the dinar and increase Risks of high inflation, as the Kuwaiti consumption basket of various products, whether food or industrial, depends on imports.


It should be noted here that countries such as China are deceiving to reduce the price of their currency, even though they are the most powerful economies in the world, and they have entered into trade wars with the United States of America, which accuses it of priceing its currency at less than its real value, all this in order for China to maintain the competitiveness of the prices of its products around the world as From the major industrialized countries.


The relationship of oil to the dinar


According to graphical statistics, there is a direct relationship linking the price of the dinar to the price of oil. The higher the price of oil, the higher the price of the dinar against the dollar, and vice versa, the lower the price of oil, the lower the price of the dinar against the dollar.


Historically, the dinar recorded its highest level against the dollar when the price of oil rose to about $ 150, and retreated to its lowest levels when it fell in the late 1990s near $ ten, noting that the dinar declined by 1.2% during the first 7 months of this year Falling oil prices.


Monetary policy


Linking the dinar to a basket of currencies has protected it from large fluctuations in global currency markets. The Central Bank of Kuwait continued to apply the dinar exchange rate in effect since 2007, which is based on linking the dinar exchange rate to a special weighted basket of the currencies of the most important countries with which Kuwait has major commercial and financial relations. Currencies in maintaining the relative stability of the dinar price, which enhances the ability of the Central Bank to draw and implement its monetary policy aimed at limiting imported inflationary pressures, especially those resulting from fluctuations in the exchange rate of major currencies in global markets on the one hand, and providing a supportive atmosphere to enhance growth rates. .


The dinar price decreased against the dollar by 0.1% by the end of last year, while the dollar fell against the pound by 3.2%, the Swiss franc by 1.7%, the Japanese yen by 1.3% and the euro 1.9%.


In addition, the Central Bank of Kuwait is keen to provide a good margin of interest on deposits to ensure the attractiveness of the dinar against international currencies, which prompted it to reduce the discount rate recently to the level of 1.5%.


List of the strongest currencies


Expectations of a decrease in the price of the dinar depending on the decisions to reduce Kuwait's rating by international rating agencies and the state's public budget deficit crisis, which resulted in liquidity problems that stymy reality, as these indicators are a result of a crisis of financial mismanagement, and not an economic weakness, as Kuwait has a sovereign fund that can estimate Its assets amounted to about $ 560 billion, and the net foreign assets of the Central Bank and banks increased by 6.2% to 19.2 billion dinars at the end of last year.


Assuming that the link between the rating downgrade and the country's exposure to liquidity crises is correct, it is among the first countries such as Oman, Bahrain and Jordan, which accompany Kuwait among the five most powerful currencies in the world, to depreciate their currencies, which are countries that are financially less than Kuwait at all levels.




Bank of Kuwait denies the reported Kuwaiti dinar %D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A-%D9%82%D9%88%D9%8A%D9%91%D9%8C-%D9%88%D9%85%D8%AA%D9%8A%D9%86..-%D9%88%D9%85%D9%82%D8%A7%D9%88%D9%85-%D9%84%D9%84%D8%B5%D8%AF%D9%85%D8%A7%D8%AA1-300x132

Rating recovery


On the other hand, the liquidity crisis in Kuwait is temporary, and the sovereign rating is likely to improve again if the government is able to implement financial reforms that substantially reduce the funding requirements for the general budget, according to Moody's, the international rating agency, as well as if Kuwait succeeds in returning to Debt markets once again to provide a source to finance the budget deficit, whether by consensus between the government, parliament and the nation, or by decree of necessity. But all this does not negate the fact that the weak performance of fiscal policy compared to monetary policy is putting pressure on the dinar, which is what the international rating agency, Standard & Poor's, indicated when it stated that monetary policy keeps pace with the state's events while the fiscal policy is weak.









https://uabonline.org/%d8%a7%d9%84%d8%af%d9%8a%d9%86%d8%a7%d8%b1-%d8%a7%d9%84%d9%83%d9%88%d9%8a%d8%aa%d9%8a-%d9%82%d9%88%d9%8a%d9%91%d9%8c-%d9%88%d9%85%d8%aa%d9%8a%d9%86-%d9%88%d9%85%d9%82%d8%a7%d9%88%d9%85-%d9%84%d9%84/
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Bank of Kuwait denies the reported Kuwaiti dinar Empty Fitch: Kuwait will not face credit problems

Post by claud39 on Wed Oct 07, 2020 2:36 pm

Fitch: Kuwait will not face credit problems




October 7, 2020






Bank of Kuwait denies the reported Kuwaiti dinar 1_967647_highres





Fitch Ratings Agency said in a general review of sovereign ratings in the Middle East and North Africa region for the third quarter of 2020: Kuwait, which is among the highest rated countries, faced financing challenges driven by several political factors, despite the strength of its financial position and its huge assets, explaining that despite All this «Do not think that Kuwait will face credit problems». And "Fitch" said: 


On a larger scale, the possibility of continuing to rise in fiscal deficits in many oil-exporting countries in the region will lead to a deterioration of their balance sheets. She added: 4 out of 14 countries in the Middle East and North Africa show negative expectations, namely: 


Oman (it lowered its credit rating twice in 2020), Iraq, Jordan and Morocco, which reflects the great damage to the public financial sectors (internal and external) and economic growth. In these countries, as a result of the outbreak of the Corona pandemic and the drop in oil prices. 


Fitch continued: In addition, in August we lowered Bahrain’s sovereign rating, and the default long-term classification of Lebanon’s foreign currency reserves remains at a low level, bearing in mind that we do not specify the future prospects for defaulting sovereigns. 


Fitch noted that financing large fiscal deficits in the volatile financial market environment remains a major risk for low-rated governments in the MENA region, despite the improvement in access to debt markets and international liquidity in some countries since the height of the crisis.


 The agency concluded: Although market sentiment has improved, the quality of core credit in the MENA region is still under pressure.

للمزيد: https://alqabas.com/article/5806147







https://alqabas.com/article/5806147-%D9%81%D9%8A%D8%AA%D8%B4-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D9%84%D9%86-%D8%AA%D9%88%D8%A7%D8%AC%D9%87-%D9%85%D8%B4%D8%A7%D9%83%D9%84-%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A%D8%A9
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