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Viewing cable 07MANAMA485, BAHRAIN CENTRAL BANK GOVERNOR REAFFIRMS COMMITMENT

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Reference ID Created Released Classification Origin
07MANAMA485 2007-05-30 09:55 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Manama
VZCZCXRO9705
RR RUEHDE RUEHDIR
DE RUEHMK #0485 1500955
ZNR UUUUU ZZH
R 300955Z MAY 07
FM AMEMBASSY MANAMA
TO RUEHC/SECSTATE WASHDC 6872
INFO RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS MANAMA 000485 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON ETRD PREL BA ECTRD
SUBJECT: BAHRAIN CENTRAL BANK GOVERNOR REAFFIRMS COMMITMENT 
TO DOLLAR PEG 
 
REF: A. KUWAIT 806 
 
     B. MUSCAT 522 
 
1. (SBU) Bahrain Central Bank governor Rashid Al-Maraj, in a 
May 30 meeting with a visiting U.S.-Bahrain Business Council 
delegation, strongly reaffirmed Bahrain's commitment to 
maintain the Bahrain dinar peg to the dollar.  While 
acknowledging that the weakness of the dollar can have a 
negative impact on the economy (more expensive imports), he 
said that on balance the government believes that the link to 
the dollar has been and will continue to be beneficial to 
Bahrain, sending a positive signal to the business community 
of stability and transparency in the financial sector. 
"Going forward," he stated, "we will maintain this peg." 
 
2. (SBU) Asked how Kuwait's decision to drop the dollar peg 
would affect moves toward a unified GCC currency by 2010, 
Al-Maraj stated that it is inevitable that the GCC countries 
will continue to move towards a more harmonized financial 
policy, but the process is proving to be more complex than 
originally realized.  It will take time, he stated.  Among 
the obstacles that he said were making monetary union more 
difficult were vast differences in per capita income among 
member states and different levels of subsidies and benefits 
within the GCC. 
 
********************************************* ******** 
Visit Embassy Manama's Classified Website: 
http://www.state.sgov.gov/p/nea/manama/ 
********************************************* ******** 
MONROE