Bahrain's Foreign Reserves Drop
2021-11-03 - 7:47 p
Bahrain Mirror: Official data showed, on Sunday, that the net foreign assets of the Central Bank of Bahrain decreased last September by 6.17% on a monthly basis.
According to data issued by the Central Bank of Bahrain, net foreign assets fell to 1.326 billion dinars ($3.53 billion) last September.
The foreign assets of the Bahraini Central were recorded at 1.413 billion dinars ($3.77 billion) in the previous August.
According to the data, foreign assets rose on an annual basis by 86.6%, compared to about 710.6 million dinars ($1.89 billion) in September 2020.
Foreign assets were distributed between 2.5 million dinars ($6.6 million) the book value of the gold reserve, in addition to 1.323 billion dinars ($3.53 billion) in foreign currency deposits.
Bahrain is considered the least productive in terms of oil resources among the Gulf Cooperation Council countries, and it produces about 200,000 barrels of crude oil per day.
The Bahraini economy was affected by the outbreak of the Coronavirus, recording a contraction of 5.81% during 2020, while the contraction continued during the first quarter of 2021 by 2.11%, and then recovered by 5.7% in the second quarter of this year.