Bahrain

Money & costs

Economy

Recognising the pitfalls of relying on income from oil revenues alone, the government took early steps to diversify the economy and Bahrain is now an important offshore banking centre, a growing industrial and commercial hub, and a major destination for international investment. Heavy industry is evident along the eastern seaboard of the island, and the interior is crisscrossed by gas and oil pipelines. International tourism was adversely affected by the onset of hostilities in Iraq although regional tourism, from Saudi Arabia in particular, continued unabated. The inauguration of the Grand Prix in April 2004 has helped to win back international visitors and has attracted considerable overseas investment to the island. Large-scale projects, like the new Bahrain Financial Harbour in Manama and the resort complex on the southern tip of the island, are visible expressions of the island’s continuing prosperity.

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Money

Exchange rates

The dinar is pegged to the US dollar and rarely fluctuates. The rates below were current when this book went to print.

CountryUnitBahraini dinar

AustraliaA$1=BD0.31

CanadaC$1=BD0.33

Euro€1=BD0.51

Japan¥100=BD0.32

KuwaitKD1=BD1.30

New ZealandNZ$1=BD0.28

OmanOR1=BD0.98

QatarQR1=BD0.10

Saudi ArabiaSR1=BD0.10

UAEDh1=BD0.10

UKUK£1=BD0.75

USAUS$1=BD0.38

YemenYR1=BD0.002

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Exchanging money

Money (both cash and travellers cheques) can be changed at any bank or money-changing office. There’s little to choose between banks and moneychangers in terms of exchange rates (as little as BD0.010 per US dollar usually), and it’s rare for either to charge a commission – although it’s always wise to check first.

Currencies for other Gulf States are easy to buy and sell.

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