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Kuwait is officially known as the State of Kuwait. The nation is situated at the tip of the Persian Gulf, and it borders Iraq and Saudi Arabia. The country has a population of over 4 million, with the majority of its inhabitants being expatriates. Kuwait City is the nation’s capital and largest city, and its official language is Arabic. The government of Kuwait is a unitary constitutional monarchy, and the nation has a semi-democratic political system. It has a high income economy due to the significant oil reserves contained in the nation.
The Kuwaiti Dinar is the official currency of Kuwait. The Kuwaiti Dinar can be subdivided into 1000 smaller units called fils. The Kuwaiti Dinar is the most highly valued currency in the world. It was introduced in 1960 to replace the Gulf Rupee, and had an initial value equivalent to one pound sterling.
The Central Bank of Kuwait is tasked with issuing and maintaining the country’s currency. In addition to currency management, the central bank is also in charge of regulating the Kuwaiti stock market and the Kuwaiti Stock Exchange as well as other duties. The central bank was established in 1969.
If you are looking to buy gold in Kuwait, you will likely see prices quoted by the ounce, gram or kilo in the local currency. Prices may also be available in other key global currencies such as U.S. Dollars, Japanese Yen, euros or Great British Pounds.
The economy of Kuwait is largely based on petroleum, and this is the nation’s primary export product. Petroleum accounts for a substantial portion of both GDP and government revenues. Kuwait is one of the wealthiest countries in the world, and the strength of its currency is a reflection of the country’s financial status.
The Central Bank of Kuwait has produced a number of commemorative coins. A fine example is the 5th Anniversary of LIberation Day of the State of Kuwait (1991-1996). This collectible gold coin has a weight of 16.966 grams and contains 91.67 percent fine gold. Collectible coins like this can make a good addition to any portfolio or collection, however, they may not be the most cost effective. Collectible coins are valued not only for their metal content, but also for their overall condition, relative scarcity, mintage and more. Depending on these and other factors, premiums on such coins can become quite significant.
Whether you are in Kuwait or anywhere else, gold bullion bars may be the best option for those looking to acquire as many total ounces of gold as possible. Bullion bars are available in many different weights, with bars as small as a single gram available. For maximum cost efficiency, however, larger weight bars are preferable. Refining costs for a 1 gram bullion bar and a 1 ounce bullion bar are likely very similar, therefore the larger 1 ounce bar may potentially offer a lower per-ounce premium compared to the smaller bar.Cast gold bullion bars in particular may potentially offer the most cost effective solution for larger investors.