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Monday, 8 May 2017

Bahrain Reserves Tumble as BofA Expects Gulf to Demand Action - Bloomberg

Bahrain Reserves Tumble as BofA Expects Gulf to Demand Action - Bloomberg:

"Bahrain’s foreign-currency reserves tumbled 11 percent in February, extending a decline that has fueled speculation that the island kingdom would either tap international bond markets soon or seek financial support from other Gulf Arab monarchies. Net foreign assets dropped to 645.2 million dinars ($1.7 billion), from the 725.9 million dinars in January, according to central bank data released on Sunday. Overall, they’re down 71 percent from a peak of 2.24 billion dinars in November 2014. Bahrain, a close Saudi ally and home to the U.S. Navy Fifth Fleet, has been more vulnerable to slumping oil prices and regional political instability than richer Gulf Cooperation Council states. With authorities expected to maintain the dollar peg, Bahrain “will likely either tap international markets or receive support from other GCC governments,” said Carla Slim, Dubai-based economist at Standard Chartered."



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