Kuwaiti Dinar is the basic unit of currency of Kuwait. The currency ISO code of Kuwaiti Dinar is KWD. Kuwaiti Dinar has an exchange rate pegged to a basket of currencies since May 20,2007.
On January 5, 2003, the Central Bank of Kuwait officially pegged the dinar to the US Dollar. The official rate was fixed at KWD 0.29963 per USD within a +/-3.5% margin on both sides of the official rate.
This new exchange rate policy, which was adopted according to the decision of the Gulf Cooperation Council (GCC) on October 2002, is part of the creation project of a monetary union and the introduction of a single currency from here to 2010.