UPDATE 1-Saudi, Kuwait and UAE to announce measures to support Bahrain's economy | Reuters:
Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an integrated program to support Bahrain’s economic reforms and its fiscal stability, a joint statement from the three Gulf states said on Tuesday.
Bahrain’s finances have been hit hard by a slump in oil prices in 2014. On Tuesday, Bahrain’s dinar plunged to a 17-year low against the U.S. dollar as hedge funds dumped Bahraini bonds because of concern about rising public debt.
Many bankers said expectations that Saudi Arabia and perhaps other regional allies of Bahrain would eventually provide it with additional financial support were preventing worse instability in the markets.
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