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New ‘plastic’ banknotes due in Ramadan

kuwait-plastic-currencyKUWAIT: Kuwait plans to unveil the newest edition of the country’s currency on June 29, which coincides with the beginning of Ramadan. The Central Bank of Kuwait chose this timing in order to take advantage of the large sales operations that usually happen during the Ramadan season, said sources with knowledge of the news. “Ramadan and Eid Al-Fitr holiday seasons can help a lot in the exchange of the new currency around Kuwait,” said the sources who were quoted anonymously by Al-Qabas yesterday.

The Central Bank received the first shipment of banknotes from the British currency printing agency, De La Rue last March, while three more shipments are still expected. Kuwait is switching a ‘plastic’ polymer material that is resistant to heat, humidity and dust in the creation of its currency. Other countries including Australia, Canada, Indonesia and Chile have adopted the polymer material which are said to be more difficult to counterfeit. The Central Bank will put a total value of KD 5 billion of the new banknotes into circulation at the beginning.

The bills were manufactured according to top quality standards and latest technologies in security printing, the Central Bank assured. The government is expected to launch an extended media campaign to coincide with the release of the sixth series of the Kuwaiti banknotes since the first Dinar was put in circulation in 1961

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This article was published on 04/05/2014