“The CBB continues to monitor global and local market developments closely in order to take any further necessary actions,” it said, adding it cut the rate to “to ensure the smooth functioning of the money markets in Bahrain.”
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…1238 | the publication reaches you by | Bahrain News
Bahrain, a small Gulf oil producer, was bailed out by Saudi Arabia, the United Arab Emirates and Kuwait with $10 billion in aid pledged in 2018 after a prolonged period of lower oil prices pushed its public debt to nearly 93% of annual economic output.
Analysts have said a recent plunge in oil prices is expected to hit smaller Gulf economies such as Bahrain and Oman particularly hard. This adds to economic uncertainty due to the spread of coronavirus.
Bahrain has reported 195 infections, with 77 new cases reported on Wednesday among citizens evacuated from Iran.
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