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.
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