Bahraini dinar
| دينار بحريني (Arabic) | |
|---|---|
 | |
| ISO 4217 | |
| Code | BHD (numeric: 048) |
| Subunit | 0.001 |
| Unit | |
| Symbol | .د.ب (Arabic) or BD (Latin) |
| Denominations | |
| Subunit | |
| 1⁄1000 | fils |
| Banknotes | |
| Freq. used | BD 1⁄2, BD 1, BD 5, BD 10, BD 20 |
| Coins | |
| Freq. used | 5, 10, 25, 50, 100 fils |
| Rarely used | 500 fils |
| Demographics | |
| Date of introduction | 1965 |
| User(s) |  Bahrain Abu Dhabi (Formerly) |
| Issuance | |
| Monetary authority | Central Bank of Bahrain |
| Website | www |
| Valuation | |
| Inflation | 0,85% |
| Source | The World Factbook, 2022 |
| Pegged with | U.S. dollar (USD) $1 USD = 0.376 BD |
The dinar (Arabic: دينار بحريني Dīnār Baḥrēnī) (sign: .د.ب or BD; code: BHD) is the currency of Bahrain. It is divided into 1000 fils (فلس). The Bahraini dinar is abbreviated د.ب (Arabic) or BD (Latin). It is usually represented with three decimal places denoting the fils.
The name dinar derives from the Roman denarius.
As of December 2021, the Bahraini dinar is the second highest-valued currency unit, at 2.65 United States dollars per unit (the highest-valued unit is the Kuwaiti dinar at $3.32).
History
[edit]The Bahraini dinar was introduced in 1965, replacing the Gulf rupee at a rate of 10 rupees = 1 dinar. It was initially equivalent to 3⁄4 of a pound sterling (15 shillings). When sterling was devalued in 1967, the dinar was repegged to 17s 6d sterling (7⁄8 of a pound). Bahraini coins and notes were introduced at that time.
Initially, Abu Dhabi adopted the Bahraini dinar but changed to the dirham in 1973, with 1 dirham = 100 fils = 0.100 dinar.
Exchange rate
[edit]In December 1980, the dinar was officially pegged to the IMF's special drawing rights (SDRs). In practice, it is fixed at $1 USD = 0.376 BHD, which translates to approximately 1 BHD = US$2.65957[1] and, consequently, just over 9.9734 Saudi Arabian riyals. This rate was made official in 2001 via Decree (48) Article 1, and Saudi riyals are accepted at all points of sale in Bahrain at 10 to 1, with the exception of the Saudi 500 riyal note which is only accepted in major supermarkets, airports and electronic shops.
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.
| Current BHD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
Coins
[edit]In 1965, coins were introduced in denominations of 1, 5, 10, 25, 50 and 100 fils. The 1, 5 and 10 fils were struck in bronze, with the others in cupro-nickel. The 1 fils coin was not produced after 1966 and no longer circulates. A bimetallic 100 fils coin was introduced in October 1992.[2] In 1992, brass replaced bronze in the 5 and 10 fils.
A bimetallic 500 fils coin was released in 2000[3] with the Pearl Monument on the obverse. It was minted only until 2002 but continued to circulate. In response to the uprising in Bahrain, which resulted in the demolition of the monument on 18 March 2011, the 500 fils coin started to gradually disappear from circulation as it was no longer released back into circulation after reaching banks. The coins remain legal tender.[4]
| Coins of the Bahraini dinar[5] | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Diameter | Weight | Composition | Obverse | Reverse | First Minted Year |
| 1 fils | 15 mm | 1.5 g | Bronze | Palm tree | Value | 1965 | |
| 5 fils | 18.5 mm | 2 g | Bronze | Palm tree | Value | 1965 | |
 |
10 fils | 23.5 mm | 4.75 g | Bronze | Palm tree | Value | 1965 |
 |
25 fils | 16.5 mm | 1.75 g | Cupro-nickel | Palm tree | Value | 1965 |
 |
50 fils | 20 mm | 3.1 g | Cupro-nickel | Palm tree | Value | 1965 |
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100 fils | 25 mm | 6.5 g | Cupro-nickel | Palm tree | Value | 1965 |
| 5 fils | 19 mm | 2.50 g | Brass | Palm tree | Value | 1992 | |
| 10 fils | 21 mm | 3.35 g | Brass | Palm tree | Value | 1992 | |
 |
25 fils | 20 mm | 3.5 g | Cupro-nickel | Dilmo Civilization seal | Value | 1992 |
 |
50 fils | 22 mm | 4.5 g | Cupro-nickel | Dhow (Bahraini boat) | Value | 1992 |
 |
100 fils | 24 mm | 6 g | Brass ring, cupro-nickel centre | Coat of Arms | Value | 1992 |
For a wider history surrounding currency in the region, see British currency in the Middle East.
Banknotes
[edit]On 16 October 1965 the Bahrain Currency Board introduced notes in denominations of 1⁄4, 1⁄2, 1, 5 and 10 dinars; a 100-fils note was introduced on September 2, 1967.[6]
In 1973, the Bahrain Monetary Agency took over the issuance of paper money, and starting in July 1978 with a 20 dinar note, it introduced a new family of notes dated 1973 in Arabic. Denominations of 1⁄2, 1, 5 and 10 dinars were released on 16 December 1979. The 100-fils note of the Bahrain Currency Board was withdrawn in November 1980 and the remainder of the notes were withdrawn on 31 March 1996, remaining exchangeable until one year afterwards.[2]
The third issue of notes (the second by the Bahrain Monetary Agency) with the same denominations of 1⁄2 to 20 dinars was released in March 1993.[7] This series was upgraded during 1998 with various modifications to colour and security features. However, a fake order for banknotes had recently been placed with the Argentinian printer Ciccone Calcografica who did not verify it with the legitimate authorities in Bahrain and obtained genuine banknote paper from Arjo Wiggins to print over 7 million unauthorised replicas of the 20-dinar note (of the 1993 design), equivalent to US$365 million.[8] These differed from genuine notes in two respects: different background shading to the Arabic name of the Bahrain Monetary Agency, and a large gap between the two Arabic letters in the horizontal serial number.[9] These unauthorised notes were smuggled through various African and European countries by air and presented for exchange in Belgium, Switzerland and the Gulf around June 1998, just as the upgraded 20-dinar note was being released in Bahrain. The large amounts raised suspicions and were soon detected as notes that had not been printed by the authorised printer, De La Rue. The Bahrain Monetary Agency allowed individuals who had mistakenly accepted the unauthorised notes to exchange them for face value at banks between 8–14 June 1998, then quickly recalled all 20-dinar notes on 30 July 1998. The unauthorised notes, being replicas of the 1993 design, were in purple and without a hologram. Despite this the upgraded June 1998 notes, also in purple but with a hologram were also withdrawn. On 1 August 1998 a new 20-dinar note, of the same design as the upgraded note (with a hologram) but in peach colour, was released. Thus, the genuine June 1998 design was only in circulation for about 7 weeks and is therefore rarely seen by collectors.[10] All other banknotes of the Bahrain Monetary Agency remain exchangeable.
On 7 September 2006,[6] the Bahrain Monetary Agency was renamed the Central Bank of Bahrain. On 17 March 2008, the Central Bank of Bahrain introduced its first series of notes (Bahrain's 4th series) reflecting the country's heritage as well as its modern development.
On 4 September 2016, the Central Bank of Bahrain introduced upgraded versions of the 10- and 20-dinar notes with enhanced security features (SPARK and Motion thread) and tactile lines added at center right front for the visually impaired.[11][12]
| 4th series (154mm x 74mm) | |||||
|---|---|---|---|---|---|
| Image | Value | Main Colour | Front Side | Back Side | |
|
|
1⁄2 dinar | Orange | Old Bahrain Court | Bahrain International Circuit |
|
|
|
1 dinar | Red | Al Hedya Al Khalifiya School (Bahrain first school) | Galloping Arabian Horses and the Sail and Pearl monument |
|
|
5 dinars | Blue | Shaikh Isa House in Muharraq and Riffa Fort | First oil well in Bahrain and Aluminum Bahrain (Alba) |
|
|
10 dinars | Green | King Hamad ibn Isa Al Khalifah | Shaikh Isa Bin Salman Al Khalifa Causeway |
|
|
20 dinars | Brown | King Hamad ibn Isa Al Khalifah | Al Fateh Islamic Center |
See also
[edit]- Gulf rupee
- Economy of Bahrain
- Cooperation Council for the Arab States of the Gulf
- British currency in the Middle East
References
[edit]- ^ "Monetary Policy | CBB". www.cbb.gov.bh. Retrieved 2022-09-15.
- ^ a b "The Banknotes of Bahrain". www.pjsymes.com.au.
- ^ "Central Bank of Bahrain - Current Coins 500 Fils". March 15, 2012. Archived from the original on 2012-03-15.
- ^ "Bahrain coin may become collector's item". www.tradearabia.com.
- ^ "Current Coins | CBB". www.cbb.gov.bh.
- ^ a b Linzmayer, Owen (2011). "Bahrain". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. Retrieved 2011-08-21.
- ^ "Central Bank of Bahrain - Third Issue (1993)". Archived from the original on 2017-09-05. Retrieved 2017-09-18.
- ^ "Página/12". www.pagina12.com.ar.
- ^ "Bahrain - 20 Dinar Notes". www.pjsymes.com.au.
- ^ "Archived copy". Archived from the original on 2018-03-17. Retrieved 2017-09-18.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Bahrain new 10- and 20-dinar notes (B309, B310) reported". Banknote News.
- ^ "Upgraded BD20 & BD10 of fourth issue 2016".
Sources
[edit]- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
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