The Bahraini Dinar was officially pegged to the United States dollar currency on Tuesday, December 25. The exchange rate will remain at $2.659 to the dinar, reported Gulf Daily News. The Bahrain Monetary Agency will sell the dollar to commercial banks at the rate of 377 fils.
The Gulf Cooperative Council (GCC) unites Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and United Arab Emrates. One of the council’s objectives is to create a single currency in 2010 using the dollar as a reference. The Bahraini cabinet recently decided to decrease the customs tax imposed on commodities and cars that enter Bahrain by five percent, to be effective in 2002. — (menareport.com)
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