The Central Bank of Bahrain (CBB) on Thursday said that it has issued new currency notes and coins worth BD16.9 million, in the run-up to Eid Al Fitr; which have been delivered to commercial banks in the Kingdom.
Farid Zubari, Director, Currency Issue, at the CBB, said that the increase in money in circulation during Ramadan this year has been 9.7% an additional amount of BD47.1 million.
The new notes and coins are being issued to meet the increased demand for new currency. The new notes amount to BD16.5 million, while the value of the freshly minted coins is BD364155
Of the new currency being issued, BD3 million is in 20 Dinar denomination, BD6.5 is of 10 Dinar denomination, BD2.75 million of the 5 Dinar note denomination, BD3.1 million in BD1 denomination and BD1.15 million in the ˝ Dinar denomination.
Of the coins, BD281600 worth of coins are being released in 100 fils denomination; BD56500 in 50 fils denomination; BD22050 in 25 fils denomination; BD2280 in 10 fils denomination; and BD1725 in 5 fils denomination.
“Traditionally, the demand for new notes and coins increases in the run-up to the Eid celebrations, particularly Eid Al Fitr,” Zubari, said.
“The factor of surge in trends of depositing either spoiled or unfit currency in their banks in order for the Central Bank to destroy them is important factors behind issuing new currency notes,” Zubari, said.
Meanwhile, total money in circulation in Bahrain reached BD531.7 million as of August 16th 2012. This compared with BD532.7 million worth of money in circulation end of Ramadan last year.