New ‘plastic’ banknotes due in Ramadan

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.

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New ‘plastic’ banknotes due in Ramadan