Wednesday 27, June 2018 by Kudakwashe

Bahrain dinar responds to Saudi, UAE and Kuwait support promise

 

Saudi Arabia, the UAE and Kuwait will soon announce an integrated programme to support Bahrain's economic reforms

  

Bahrain's dinar rebounded sharply against the US dollar in after Saudi Arabia, the United Arab Emirates and Kuwait pledged they would support the country financially, Reuters reported.

The dinar was at 0.37798 on Tuesday, it had dropped as low as 0.38261, a 17-year nadir, moving away from its official peg of 0.37608 as hedge funds dumped Bahraini bonds and sold the dinar in the forwards market because of concern about the country's rising public debt.

 

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