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  Economics
Kuwait to issue new banknotes
10/06/2013 | LOC18:40
15:40 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
KUWAIT, June 10 (KUNA) -- 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that they will be on the market within a year with the current ones continuing to be curculated as they are gradually withdrawn from the market.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. (end) fnk.ibi KUNA 101840 Jun 13NNNN
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