Kuwait to issue new banknotes

KUWAIT CTY, 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that they will be on the market within a year with the current ones continuing to be circulated as they are gradually withdrawn from the market.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.

“The Cabinet has thoroughly revised the security and other different features of the new banknotes and have endorsed them,” Minister of State for Cabinet Affairs and Minister of State for Municipal Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah said after the Cabinet meeting, adding that the Central Bank of Kuwait (CBK) was instructed to take the required measures to start their issuance.

The move was taken in order to cope with the latest challenges being faced in the currency printing industry, he added.

Seperately, Sheikh Mohammad noted that the Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah briefed ministers on the efforts exerted to implement the recommendations of the National Youth Project.

The project is aimed at providing care for Kuwaiti youth and maximizing their role in the society, in addition to it being part of the state’s development goals.

Sheikh Salman thanked different Kuwaiti bodies for their cooperation in materializing some of the project goals. This was met by the Cabinet lauding the achievements of the project and calling for more efforts to materialize all the project’s goals.

In this regard, he pointed out that the Ministry of Education is organizing intensive training courses to improve student skills and is building playgrounds at schools to help students practice their hobbies, he said.

At the economic level, Sheikh Salman noted that the non-profit companies’ law was passed, as well as the launch of a national fund for supporting small and medium enterprises and a new department for issuing licenses for small enterprises.

Earlier, the ministers reviewed the letters addressed to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah from the Governor-General of New Zealand Sir Jerry Mateparae and Comoro Islands President Ikililou Dhoinine.

The letters focused on bilateral relations and means to bolster mutual cooperation, with New Zealand inviting HH the Amir to visit the country.

They were also apprised off a letter sent to HH the Amir from the Director-General of the Food and Agriculture Organization of the United Nations (FAO) Graziano da Silva.

In his letter, Da Silva lauded Kuwait’s success in achieving the goals of the World Summit of Food Security and invited HH the Amir to attend the 38th of FAO Conference which will include honoring for the states which played a role in countering hunger and help achieve world food security.

Then, the ministers mulled the main issues on the agenda of the upcoming sessions of the National Assembly.

They also touched upon the latest political developments in the Arab region and the world.

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