BMA dep gov: Monetary policy key to currency union
Mr Al Bassam was speaking at the opening of a Monetary Policy and Operations seminar at the Bahrain Institute of Banking and Finance (BIBF) yesterday.
An effective monetary policy plays a critical role in the management of a modern economy, he said. "Developing an understanding of the options open to us in the choice of monetary regimes and becoming proficient in the tools for implementing these regimes, is a major step in ensuring that monetary policy in our countries plays a positive part in support of our overall development," said Mr Al Bassam.
"We in Bahrain, for example, believe that the monetary stability we get from our fixed exchange rate policy has been a major contributing factor in our success over the past 25 years."
"With the recent decision to create a monetary union among the GCC countries by 2010, making sure that we have an appropriate monetary policy for the new unified currency will be a high priority."
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