Exchange of Kuwait's Fifth Issue Banknotes Ends April 18
KUWAIT CITY, Mar 9: The Central Bank of Kuwait announced today, Sunday, that the deadline for exchanging the fifth issue of Kuwaiti banknotes is set for April 18th. The exchange process will take place in the banking hall at the bank's headquarters.
In a press statement, the Central Bank clarified that the exchange of the fifth issue banknotes requires individuals to visit the banking hall in person. They must bring a valid identification document and complete a designated form for the exchange. The banking hall's official working hours are from 8:00 AM to 2:00 PM, with adjusted hours during Ramadan from 10:00 AM to 1:00 PM.
The bank emphasized that the exchange of the fifth issue banknotes is per Article 10 of Law No. 32 of 1968, which pertains to currency, the Central Bank of Kuwait, and the regulation of the banking profession, including its amendments. This process also aligns with Resolution No. 37/405/2015, published in the Official Gazette (Kuwait Alyoum) on April 19, 2015, which mandates the withdrawal of all categories of the fifth issue Kuwaiti banknotes from circulation.
Additionally, the Central Bank referenced Article 3 of the resolution, which states that after the specified deadline, all fifth issue banknotes will no longer hold legal tender status, and their use in transactions will be prohibited. However, holders of these banknotes will have the right to exchange them at the Central Bank of Kuwait's cashiers within ten years from the effective date of the resolution. After April 18th, no exchanges will be permitted under any circumstances.
The Central Bank reaffirmed its commitment to delivering high-quality banking services and ensuring seamless financial operations. It urged holders of the fifth issue Kuwaiti banknotes to proactively exchange their notes before the deadline expires.
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