Bahrain is committed to keeping its dinar currency’s peg to the US dollar, a senior official at the kingdom’s central bank said on Monday.
“The peg will remain,” Ebtisam al-Arrayed, head of regulatory policy at the central bank, told Reuters on the sidelines of a conference.
The dinar, pegged at 0.376 to the dollar, has come under pressure in the foreign exchange forwards market as low oil prices damage Bahraini state finances.
One-year dollar/dinar forwards hit a high of 600 points on Monday, their highest level since at least the year 2000, according to Thomson Reuters data.
Follow us on
For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
