Bahrain pegs Dinar to the US Dollar
The State of Bahrain recently ordered the fixation of its local Dinar currency against the US Dollar at $2.7, reported Al-Hayat. The decision entitles the Bahraini Monetary Authority to regulate dollar purchasing and selling activities by operating commercial banks in the country.
As part of the six-member Gulf Cooperation Council (GCC), Bahrain signed a customs and monetary union agreement Monday, December 31, under which a single Gulf currency system is scheduled to materialize in January 2010. — (menareport.com)
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