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.
Aa2, 24 Jul 2007
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What does it look like?
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.
Chief of State Amir SABAH al-Ahmad al-Jabir al-Sabah (since 29 January 2006); Crown Prince NAWAF al-Ahmad al-Jabir al-Sabah (since 7 February 2006)
Head of Government Prime Minister NASIR AL-MUHAMMAD al-Ahmad al-Sabah (since 3 April 2007); First Deputy Prime Minister JABIR AL-MUBAREK al-Hamad al-Sabah (since 9 February 2006); Deputy Prime Minister MUHAMMAD AL-SABAH al-Salim al-Sabah (since 9 February 2006)
Cabinet Council of Ministers appointed by the prime minister and approved by the amir
Elections none; the amir is hereditary; the amir appoints the prime minister and deputy prime ministers
Key Economic Factors
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.
Petroleum, petrochemicals, desalination, food processing and construction materials.
Main Export Trading Partners:
Japan, South Korea, US, Singapore, Taiwan and Pakistan.
Oil, refined products and fertilizers.
Food, construction materials, vehicles and parts and clothing.
Main Import Trading Partners:
US , Japan, Germany, China, UK, Saudi Arabia, Italy and France.