What is the official currency of the State of Kuwait, which is subdivided into 1,000 fils and is consistently recognized as the highest-valued currency unit in the world by nominal exchange rate?
Answer and explanation
Correct answer: A. Kuwaiti Dinar
- Step 1: The Kuwaiti Dinar (currency code: KWD) was introduced in 1961 to replace the Gulf Rupee.
- Step 2: One Dinar is divided into 1,000 fils.
- Step 3: Supported by massive sovereign wealth reserves, low external debt, and substantial oil revenues, the Kuwaiti Dinar maintains an exceptionally high nominal exchange rate (regularly exceeding 3.25 USD per 1 KWD).
Answer
Kuwaiti Dinar.
Why not the others: 'Qatari Riyal' is pegged to USD at 3.64 QAR/USD; 'Omani Rial' is pegged at 0.384 OMR/USD (worth ~2.60 USD); 'Bahraini Dinar' is pegged at 0.376 BHD/USD (worth ~2.65 USD).
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