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1 Dinar 1968, Kuwait

in Krause book Number: 8
Years of issue: 20.04.1971
Edition:
Signatures: Governor of the Bank: Hamza Abbas, Finance Minister: Abdul Rahman al-Atiquel
Serie: 1968 Issue
Specimen of: 1968
Material: Cotton fiber
Size (mm): 144 x 70
Printer: Bradbury, Wilkinson & Company Limited, New Malden

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1 Dinar 1968

Description

Watermark:

watermark

Sabah III Al-Salim Al-Sabah.

Avers:

1 Dinar 1968

صباح السالم الصباح‎

Sabah III Al-Salim Al-Sabah (12 April 1913 – 31 December 1977) (Arabic: صباح السالم الصباح‎) was the Emir of Kuwait from 1965 to 1977, and youngest son of Salim Al-Mubarak Al-Sabah. Sabah Al-Salim Al-Sabah succeeded his half-brother Abdullah Al-Salim Al-Sabah upon his death on 24 November 1965. He suspended parliament in late August 1976 for 4 years, claiming it was acting against the nation. He died from cancer on 31 December 1977.

Prior to his ascension, he served as the president of the Police Directorate from 1953 to 1959, President of the public health department from 1959 to 1961, Deputy Prime Minister and Minister of Foreign Affairs from 1962 to 1963, and Prime Minister of Kuwait from 1963 to 1965. He was appointed as Crown Prince on 29 October 1962.

Revers:

1 Dinar 1968

Oil refinery

Oil refinery in Kuwait.

Kuwait is a major oil exporter. Also developed are oil refining and petrochemistry, gas production. Oil production provides 50% of Kuwait's GDP, its share in the country's exports is 90%. Annual production of oil is about 100 million tons, natural gas more than 4.5 million cubic meters. During the war with Iraq, Kuwait's economy suffered severely because Iraq deliberately dumped millions of tons of oil into the Persian Gulf.

The production of building materials, fertilizers, and the food industry are also developed. Desalination of sea water is underway, in which Kuwait is the leader. Fertilizers are an important part of the country's exports. Pearl mining is also developed. Kuwait is currently developing other non-oil related industries. On the territory of the state, oil fields of Bolshoy Burgan and Safania-Khafji, unique in terms of reserves, are being developed.

The leading positions among the industries are occupied by oil refining and petrochemicals. Kuwait's energy industry is entirely based on the use of fossil fuels. The country produces approx. 31.6 billion kWh of electricity, which significantly exceeds its internal consumption. Developed construction, production of consumer goods and fertilizers, food industry. There are industrial plants for seawater desalination. With the improvement of the quality of education, such knowledge-intensive industries as the electronic industry, etc. have developed. The banking sector is actively operating in the country, the service sector is expanding.

Oil. In 1934, the Emir of Kuwait granted an oil production concession to Kuwait Oil Co, which was originally owned by a joint British-Persian company, then completely passed into British hands. But in 1976, KOS was nationalized and a year later Kuwait began developing new fields in the separation zone between Saudi Arabia and Kuwait. KOC works with Texaco, Inc., which, following the purchase of Getty Oil Co. In 1984, acquired the Saudi coastal concession in the Separation Zone.

Outside the Separation Zone area operates Arabian Oil Co., which is 80% owned by Japan and 10% by the Kuwaiti and Saudi governments. The original concession agreements expired in 2003 but were renegotiated in 2002. Kuwait's oil sector is represented by companies such as the Kuwait Petroleum Corporation. (KPC) is an international oil company, and includes the Kuwait Oil Company, which produces both oil and gas; Kuwait National Petroleum Co. is engaged in oil refining and domestic sales of this product; Petrochemical Industries Co. produces ammonia; Kuwait Foreign Petroleum Exploration Co. is engaged in oil production outside Kuwait, and has concessions in several developing countries; etc. KPC also bought Gulf Oil Co. refineries. and service stations in the Benelux and Scandinavian countries, as well as warehouses and service station networks in Italy. KPC markets its products in Europe under the Q8 brand and is interested in expanding into the United States and Japan. Kuwait has approximately 94 billion barrels of recoverable oil. Kuwait's productivity as an oil-producing country is estimated at 3.5 million barrels per day. Kuwait's oil sector is the largest industrial sector in the country, accounting for nearly half of the country's GDP. Kuwait's oil production accounts for 7% of the total international oil production.

The challenges of the current financial and economic crisis prompted the Kuwaiti leadership to take appropriate measures to accelerate the pace of development of the petrochemical sector of the local economy in order to ensure the stability of the country's income during the period of low oil prices and increase revenues while observing the OPEC quota limits for its production. The state, by providing loans and providing the necessary infrastructure, not only actively supports the development of established sectors of the economy, but also promotes the introduction of new, progressive directions in the country's industrial sector.

Previously, the Kuwaiti Petrochemical Industries Company (PIC) produced mainly cheap products such as urea, ammonia and other fertilizers for export. PIC is now starting to market higher value products and ship them to Jordan, Syria, the United Arab Emirates, Morocco, China, as well as India, Pakistan and East Africa. According to Kuwait News Agency, PIC may increase polypropylene production at its plant by 20% to 120 thousand tons per year if the market price of polypropylene continues to rise. (www.gecont.ru .rus)

Comments:

Following the rapid development of Kuwait’s economy it was deemed necessary by the Government of Kuwait to introduce a central bank to supervise the economy and its development. The Central Bank of Kuwait was created under Law No. 32 of 1968 and commenced operations on 1 April 1969, taking over the responsibilities of the Kuwait Currency Board. The notes of the Currency Board continued to circulate for some time, but ultimately a new series of banknotes was released under the authority of the Central Bank. The ¼-, ½- and 10-dinar notes were issued on 17 November 1970, while the 1- and 5-dinar notes were released on 20 April 1971.

The design on the front of each note in the new series is similar to the note it replaced, but the portrait of the new Amir, Sheik Sabah al-Salim al-Sabah who became head of state in 1965, replaces the portrait of his brother and dominates the note to the right. The text on the front of the notes has changed to reflect the new issuing authority and the law under which authority the notes are issued. The notes are now signed by the Governor of the Central Bank of Kuwait and the Minister of Finance, with the signatories being Hamza Abbas and Abdul Rahman al-Atiquei. The signatures that appeared on all notes, when they were first issued, were printed in black ink. However, on the ¼- and ½-dinar notes the signatures later became part of the intaglio plate printing. Consequently, there are two varieties of notes for both denominations. The ¼-dinar has black or brown signatures and the ½-dinar has black or purple signatures.

The back of each note is also of a similar design to the notes they replaced, but whereas the first issue had monochrome illustrations, enhanced colour designs have been added to the back of each note in this series. For three of the five notes in this issue the same illustration is used on the back of the notes as for the first issue. However, the cement factory on the back of the 1-dinar note has made way for the illustration of an oil refinery, and the street-level view of limited income houses on the earlier 5-dinar note has made way for an aerial view of a housing estate of limited income houses. The use of the oil refinery in place of the cement products factory on the 1-dinar note shows a measure of development in Kuwait’s economy between the two issues. The 10-dinar note also has a subtle example of progress between the two issues. On the back of the 10-dinar note of the first issue the boum (dhow) has an old Kuwaiti flag flying astern of the vessel. On the new note the modern flag of Kuwait takes its place. The old flag had a scarlet field with a white stripe along the hoist. The word ‘Kuwait’ was written in Arabic in the centre of the flag and the words ‘There is no god but Allah’ was written in white adjacent to the white stripe along the hoist. The new flag was introduced by Amiri Decree No.26 1961 and announced in the Government Gazette of 10 September 1961. It is a horizontal tricolour of green, white and red, with a black trapezoid at the hoist.

A portrait of Sheik Sabah is used as the watermark to the left of the notes, with the watermark being a mirror image of the portrait that appears on the front of the note. The security thread continues to be a ‘Morse code’ thread, spelling "Kuwait". The serial numbers for the notes of the second issue have a prefix of the letter ‘ب’ (baa) over a number, followed by a six digit number. The second issue was withdrawn from 1 February, 1982, and ceased to be a legal tender on 31 May, 1982. (www.pjsymes.com.au)