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Bahrain: Pegged to the Dollar

Bahraini blogger emoodz explains how Bahrain is loosing out by having its currency pegged to the US dollar.
“On the assets side, the dollar’s slide will reduce the value of our dollar based assets held (US treasuries, private securities, Dollars reserves, Dollars deposits abroad… etc) while at the same time reducing the value our dollar liabilities.
“Ok, let’s speak plain English. The impact of all of this on the Bahraini Economy is very complicated and difficult to quantify, especially with the dark cloud of censorship and restrictions imposed on our local economical figures.
“It doesn’t really take an economical wiz to predict the outcomes of the continuous fall of the Dollar, the rising cost of imports (especially machinery and raw material) will adversely affect private economic activity and the government projects funding,” he notes.

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