Fixed Exchange Rate
In December 1980, the dinar was officially pegged to the IMF's special drawing rights (SDRs). In practice, it is fixed at 1 U.S. dollar = BD .376, which translates to approximately 1 dinar = 2.65957 dollars and, consequently, almost 10 Saudi Arabian Riyals. This rate was made official in 2001. Before Malta's adoption of the euro on 1 January 2008, it was the third highest-valued currency unit after the Kuwaiti dinar and Maltese lira. After Malta adopted the Euro, the dinar became the second highest-valued currency unit.
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Read more about this topic: Bahraini Dinar
Famous quotes containing the words fixed, exchange and/or rate:
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—William Faulkner (1897–1962)
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—Henry David Thoreau (1817–1862)
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