Since 1965, the official currency for Bahrain has been the Bahraini Dinar (BHD). The symbol for the Dinar is BD; the Arabic symbol is .د. The Bahrain Dinar is pegged to the US Dollar at a rate of 0.376 Dinar = 1 USD.
Economy
The Bahrain economy is rated as the 10th freest economy in the world.
Top industries are aluminum smelting, petroleum refining and processing, offshore banking coupled with Islamic banking, tourism, iron pelletization, ship repair, and fertilizers.
Export products are petroleum, textiles, and aluminum.
Petroleum accounts for 60% of export products.
Import products are chemicals, machinery, and crude oil.
Unemployment rate is estimated at plus or minus 3.8%; however, it is growing rapidly due to the depletion of oil resources.
There is almost no agriculture activity in Bahrain; it accounts for only 0.3% of the total GDP.
Bahrain has a free trade agreement with the United States of America.
The country is working on diversifying its products and has a 15-year plan in place. Currently Bahrain is rated to be the fastest-growing economy of the Arab countries.
History
In 1965, the Bahrain Dinar replaced the Gulf Rupee.
In 1980, the dinar was pegged to IMF’s special drawing rights. The fixed US Dollar rate is 0.376 dinar = 1 USD.
In 1979, new paper notes were introduced.
In 2006, the Bahrain Agency became the Central Bank of Bahrain.
In 2008, the Central Bank of Bahrain launched a new group of notes that reflected the old and new development of Bahrain.
Bahrain also accepts Saudi Riyal, except for the 500 riyal.
