[SWFloridaGuru] NY TIMES(Kuwait RV): Published: March 25, 1991 It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency......Banks reopened for the first time since Iraqi occupation forces shut them down in December.
Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new
ones and to withdraw a limited amount of money.....The Central Bank is canceling
the value of Kuwaiti dinars that were seized from the Central Bank and put into
circulation by the Iraqis. The invalid serial numbers were posted today in front
of all banks in the city....All other old dinars can be exchanged for new ones
on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
SWFloridaGuru] ruthie Of course. We're talking about the details of the Kuwaiti RV and the procedures they followed. There isn't much press available on it and it's good to see how that compares to Iraq. Although they are completely different
situations it does show us rules that were applied during cash out and how it
was announced to the citizens.
williamB] From March 18, 1975 to January 4, 2003 the dinar was pegged to a weighted currency basket. From January 5, 2003 until May 20, 2007, the pegging was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[
2] The central rate translates to approximately 1 dinar = 3.33745 dollars. From June 16, 2007, the Kuwaiti dinar was re-pegged to a basket of currencies, and is now worth about US$3.609 (€2.686). It is the world's highest-valued currency unit