Indian Act [Reserve Bank of India (Amendment) Act, No. 14] for the issue of special banknotes for the Gulf region by the Reserve Bank of India; effective 01.05.1959.
11.05.1959
Start of currency exchange: - 11.05.1959: Start of issuance of the special Indian banknotes for the Gulf region - 22.06.1959: End of exchange period, demonetization of the regular Indian banknotes.
07.07.1965
Monetary agreement between Abu Dhabi, Bahrain, Dubai and Qatar on the creation of a common currency; not implemented
Time Period: 1965- (AH:1385- )
Currency: Bahraini Dinar
Transition
1 : 10 Rupees
Sub-units
Dinar / 1000 Fils
ISO4217
BHD
Timeline
09.12.1964
AH:04.08.1384
Emir's decrees [No. 6 (Finance)] on the creation of the national currency and [No. 7 (Finance)] on the establishment of the Currency Board; effective immediately (the Currency Board had already begun operations in early 1964 under a provisional statute)
07.10.1965
AH:12.06.1385
Emir's decree [No. 10 (Finance)] on the issuance of the currency; effective immediately
16.10.1965
Start of currency exchange: - 16.10.1965: Start of issuance of the new banknotes and coins - 24.10.1965: Demonetization of the Indian (Gulf) currency (initially on 22.10.1965)
05.12.1973
AH:10.11.1393
Emir's decree [No. 23] on the transformation of the Currency Board into the Bahrain Monetary Agency; effective upon constitution of the agency on 25.01.1974 (AH:01.01.1394)
06.09.2006
AH:13.08.1427
Royal decree [No. 64] on the creation of the Central Bank of Bahrain (and approval of the Central Bank Law); effective immediately
Valuation Regimes
1965-1972
Fixed rate against British Pound
1972-1978
Fixed rate against US Dollar
1978-2001
Fixed rate against IMF Special Drawing Rights (SDR) unit. After 15.08.1978 a ±7.5% fluctuation margin was in place, which effectively resulted in a fixed rate against US Dollar at 2.6596 : 1 with off-margin deviations against SDR.
2001-
Fixed rate against US Dollar (at the effective rate of 15.08.1978)
Rate Arrangements
16.10.1965
Fixed
British Pound at 0.75 : 1
±0.0%
18.11.1967
Fixed
British Pound at 0.875 : 1
+16.7%
23.06.1972
Fixed
US Dollar at 2.28 : 1
±0.0%
13.02.1973
Fixed
US Dollar at 2.533 : 1 - [Gold parity (31.03.1973)] 1'866.21mg AU fine