Bahrain’s dinar recovered against the American dollar in the spot markets during early trading on Wednesday, while Central Bank of Bahrain announced covering the most recent issuance of government treasury bills up to 129 percent.
The recovery of the Bahraini dinar came quick after the standpoint announced by Saudi Arabia with the participation of UAE and Kuwait to support economic reforms in Bahrain in which Saudi Arabia announced that it continues along with Kuwait and UAE talks with Bahrain to reinforce the financial conditions stability.
“The kingdom of Bahrain, along with its sisters Saudi Arabia, the United Arab Emirates and Kuwait, will announce a programme to support the stability of the financial situation in Bahrain,” Finance Minister Sheikh Ahmed bin Mohammed al-Khalifa told the official BNA news agency.
Saudi Arabia, UAE and Kuwait announced an economic program to support financial stability in Bahrain and the recovery of Bahraini dinar. A comprehensive program to back economic reforms and general finance stability in Bahrain is anticipated soon. Positive reactions were restricted to the progress of Bahraini dinar in which Bahrain bills recovered strongly.
Saudi Arabia's Minister of Finance Mohammed Al-Jadaan affirmed that Bahrain has started a package of financial and economic reforms, and will continue to carry out these reforms with the support of its sisters in the Gulf.
The stance announced by Saudi Arabia with the participation of UAE and Kuwait to support economic reforms in Bahrain falls under the Saudi fixed policy to stand with Bahrain no matter what challenges it faces.
Saudi Arabia’s support to Bahrain comes as a continuity to the kingdom’s policy to its sisters and allies in which Saudi Arabia has been the first economic and political backer to Bahrain throughout the history of both countries’ ties.
