Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- New banknotes ... suitable timesmooth replacement  Join our daily free Newsletter

MENAFN - Arab Times - 02/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait city june 30 (kuna): the wide-scale media campaign launched by the central bank of kuwait (cbk) on may 19 to promote new banknotes has contributed to a smooth replacement with currently used notes in the first day of circulation.

The fact that the launching of fresh banknotes coincides with the holy month of ramadan has also helped in a smooth replacement. many citizens and residents on thursday easily withdrew new banknotes in preparation for the fasting month as young people began to get the new issue in order to post them on social communication networks.

Director-manager of kuwait network electronic technology (knet) abdullah al-ajmi said withdrawal figures show that the process was very normal nationwide noting that there was a high purchase rate at weekend. high demand for buying commodities is due to two reasons: the payment of salaries and the fasting month he said. however people still need time to get familiar with the new banknotes given that citizens were divided over the fresh currency al-ajmi pointed out.

Ali bushehri the manager of a gulf bank branch said today was a normal working day at the bank as it was the first day of the holy month of ramadan. banking operations went on very smoothly and there were major preparations made by banks for the circulation of the new issue nationwide he said.

Boubyan bank sales manager fahed al-fawzan said the bank has commenced preparations for the new issuance since the plan was made public several months ago. all banks have been geared up for the new banknotes he said hailing the issue as a magnificently formulated banknote.

The new sixth issue uses the kuwaiti flag as an inspiring artistic base for all new banknotes to illustrate and promote the national identity he added.

Significanc

arguably the most familiar and iconic kuwaiti landmark the kuwait towers are illustrated on the banknote's front as they soar mightily into the sky. the banknote's backside alludes to kuwait's marine life and the significance of preserving it such as the endangered hawksbill sea turtle and the silver pomfret (al zubaidi) kuwait's most popular fish.

The striking liberation tower a massive 372-meter structure that is one of the main landmarks in kuwait city as well as one of the tallest buildings in the world appears on the front side of the banknote as a symbol of kuwait's independence since its erection in 1996. the banknote's backside portrays a traditional wooden kuwaiti door a plaster carving and the first kuwaiti coin used locally. with its powerful pyramid steel structure the central bank of kuwait's newly constructed building portrayed on the banknote's front side represents the bank's objectives of ensuring resilience stability and a sound monetary policy.

The back of the banknote shows off one of kuwait's oil refineries and a tanker as a testament to kuwait's precious source of prosperity. a superb illustration of the grand mosque the largest mosque in the country as well as a symbol of kuwait's islamic identity is portrayed on the banknote's front. the backside of the banknote displays a real-life illustration of an iconic column one of the many influences of ancient greece's civilization that swept across and settled in kuwait's island of failaka. on the front side of the banknote appears the illustrious seif palace a symbol of sovereignty and ruling power to all of kuwait's erstwhile rulers where the country's affairs are administered.

The boom the largest and most popular traditional kuwaiti dhow is featured on the backside of the banknote an element that alludes to kuwait's modernization as well as its rich economic and commercial history that is linked to the deep blue seas. another element included on the back is a pearl diver one of the earliest professions that enabled kuwaitis to earn a living before the discovery of oil. the glorious kuwait national assembly building a symbolic pillar of kuwait's democratic constitution is beautifully illustrated on the front side of the banknote. kuwait's diverse desert life takes over on the banknote's backside; a captivating illustration of a falcon oversees a seated camel dressed regally in a traditional sadu saddle.


 


Arab Times




  MENA News Headlines
 Mar 6 2015 - Iraq, ExxonMobil eye oil agreementsMENAFN
(MENAFN) Texas-based Exxon Mobil Corp is set to make a deal with Iraqi government to restructure oil agreements in such a way that Iraq will meet its near-term cash needs, Reuters reported.According ...

 Mar 6 2015 - Qatar, Luxembourg to sign financial cooperation dealMENAFN
(MENAFN) A financial delegation from Luxembourg is in Qatar in hopes of driving greater strategic cooperation between the two countries in the field of international finance, The Peninsula Qatar ...

 Mar 6 2015 - Egypt, Dubai's Arabtec to renegotiate terms for USD40b planMENAFN
(MENAFN) Arabtec's chairman is set to meet officials of Egypt's housing ministry to renegotiate terms of USD40 billion housing plan, Arabian Business reported.Egypt's housing minister is in talks ...

 Mar 6 2015 - MERS kills 10 more in Saudi, health campaign broadenedAFP
(MENAFN - AFP) The MERS virus has killed 10 more people in Saudi Arabia over the past week, pushing the death toll above 400, as health officials broaden their campaign to halt its spread. Saudi ...

 Mar 5 2015 - Saudi, South Korea consider trade expansionMENAFN
(MENAFN) South Korean President announced that Korea and Saudi must try to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care, Arab News ...

 Mar 5 2015 - Etisalat plans to invest USD1.08b in 2015MENAFN
(MENAFN) Emirates Telecommunications Corporation, also known as etisalat, is planning to invest USD952.7 to USD1.08 billion this year on its infrastructure, fiber optic and 4G networks as well as to ...

 Mar 5 2015 - Qatar seeks 7 percent growth in 2015 despite oil plungeMENAFN
(MENAFN) Qatar's economy is expected to grow 7 percent in 2015, as it forges ahead with huge infrastructure investment despite the drop in oil prices, leading economist said.The figure compares with ...

 Mar 5 2015 - French Assystem acquires 75 percent in Saudi RadiconMENAFN
(MENAFN) Assystem completed the acquisition of 75 percent stake in the Saudi Radicon Gulf Consult (Radicon) to create a new engineering offer in the Saudi market nominated Assystem Radicon, Saudi ...

 Mar 5 2015 - Dutch Vopak to expand Fujairah oil storage capacity in 2015MENAFN
(MENAFN) Dutch Vopak is set to build five crude oil storage tanks with total capacity of 478,000 cubic meters at the port of Fujairah in the UAE, Reuters reported.Vopak is already in a partnership ...

 Mar 5 2015 - Saudi Kingdom Holding signs MoU with Korean Investment CorporationMENAFN
(MENAFN) Riyadh-based Kingdom Holding Company (KHC), signed an MoU with Korea Investment Corporation (KIC), Saudi Gazette reported.The MoU is set at producing more opportunities in private equity ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help