Kuwaiti Dinar (KWD)

The Kuwaiti Dinar, denoted by KWD, is the official currency of Kuwait. The KWD, which is divided into 100 units, was introduced to Kuwait in 1960 as a replacement for the Indian Rupee. The currency has maintained a very high exchange rate, making it one of the highest valued currencies in the world. Moody's Rating A2 S&P Rating A+ Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets. What does it look like? Political Structure The chief of state in Kuwait is the Emir, a semi-hereditary title. The emir appoints the prime minister, who, in the past, was also the crown prince. A council of ministers aids the prime minister in his task as head of government. The parliament known as the Majlis Al-Umma, consists of 50 members who are chosen in elections held every four years. Government ministers, according to the Constitution of the State, are given automatic membership in the parliament. Prominent Figures Emir of Kuwait: Jabir al Sabah Crown Prince of Kuwait: Saad al Sabah Prime Minister: Sabah al-Ahmad al-Jabir al-Sabah Unique Characteristics Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Kuwait's economy is heavily dependent on oil export revenues. Kuwait has the third largest oil reserves in the world after Saudi Arabia and Iraq. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Key Economic Factors Economic Overview: Kuwait is a small, rich and relatively open economy with crude oil constituting 10% of the world's oil reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and over 75% of the government's income. The climate in Kuwait is a large obstacle in agricultural development, causing the nation to depend almost wholly on food imports (with the exception of fish). Additionally, approximately 75% of water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. Industries: Petroleum, petrochemicals, desalination, food processing and construction materials. Main Export Trading Partners: Japan, South Korea, US, Singapore, Taiwan and Pakistan. Exports Commodities: Oil, refined products and fertilizers. Imports Commodities: Food, construction materials, vehicles and parts and clothing. Main Import Trading Partners: US , Japan, Germany, China, UK, Saudi Arabia, Italy and France.