The Bahraini dinar (BHD) is the official currency of the tiny country of Bahrain, which sits in the Gulf of Bahrain between Saudi Arabia and Qatar. Bahrain is one of a handful of constitutional monarchies that still exist in the Middle East, and one of a handful in the world that exist outside of the British Commonwealth. The dinar of the country is currently fixed to the USD at a conversion rate of 1 dinar to 2.65 dollars, or 0.376 dinar to 1 dollar.
Bahrain, along with many islands in the tiny archipelago that exists in the Persian Gulf, used the Gulf rupee for most of the 20th century. However, in 1965, the Bahrain Currency Board introduced the Bahraini dinar as the main form of paper currency, with coin denominations known as fils. In 1980, the IMF officially gave the Bahraini dinar special drawing rights, fixing its conversion rate. This action made the Bahraini dinar one of the highest-valued currencies in the world.
Due to the strength of its currency, as well as its unique strategic placement in the Persian Gulf, Bahrain is home to the fastest growing economy in the Middle East, as well as the entire world. The largest contributor of this wealth is the petroleum industry, which Bahrain has wisely paired with open trade agreements with many large nations, such as the United States. However, further diversification is needed to unify Bahrain’s economy for future growth, as energy prices often hold the economy of the country hostage.
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