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The Kuwaiti dinar (Arabic: دينار كويتي , code: KWD) is the currency of Kuwait.It is sub-divided into 1,000 fulūs. [2]As of 2023, the Kuwaiti dinar is the currency with the highest value per base unit, with KD 1 equalling US$3.26, [3] ahead of the Bahraini dinar with BD 1 equalling US$2.65 and Omani rial at US$2.60.
Kuwait was the world's biggest exporter of sulfonated, nitrated and nitrosated hydrocarbons in 2019. [121] Kuwait was ranked 63rd out of 157 countries in the 2019 Economic Complexity Index (ECI). [121] Iraq was Kuwait's leading export market in 2019 and food/agricultural products accounted for 94.2% of total export commodities. [122]
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]
However, given its large downstream petroleum industry, Kuwait was less concerned about the prices of crude oil and in 1989, Kuwait requested OPEC to increase the country's total oil production ceiling by 50% to 1.35 million barrels (215,000 m 3) per day. [19]
The Souk Al-Manakh stock market crash was the 1982 stock market crash of Kuwait's unofficial stock market, the Souk Al-Manakh (Arabic: سوق المناخ).The Al-Manakh market was housed in an air-conditioned parking garage in the historic area of Jibla, Kuwait City.
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait, according to the Brookings Institution. [ 57 ] There was a period of global recessions and the price of oil hit a low of c. $15 before it peaked at a high of $45 on 11 September 2001, the day of the September 11 attacks , [ 58 ] only to drop again to a low of $26 on ...