In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Effective capital controls and currency substitution (“dollarization”) are the orthodox solutions to ending short-term hyperinflation; however there are significant social and economic costs to these policies. Ineffective implementations of these solutions often exacerbate the situation. Many governments choose to attempt to solve structural issues without resorting to those solutions, with the goal of bringing inflation down slowly while minimizing social costs of further economic shocks.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
The Iraqi dinar is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (فلس), although inflation has rendered the fils obsolete since 1990. On 7 February 2023, the exchange rate with the US Dollar was US$1 = 1300 dinars.
Marzouq Ali Mohammed Al-Ghanim is a former speaker of the Kuwaiti National Assembly, representing the second district. Al-Ghanim earned a BSc in mechanical engineering from Seattle University and worked for Boubyan Petrochemical Company before being elected to the National Assembly in 2006. He is the son of Ali al-Ghanim and Faiza al-Kharafi. He was elected Speaker in 2013.
Mohammed Hadi Al-Huwaila Al-Ajmi is a member of the Kuwaiti National Assembly, representing the fifth district. He is also the current controller of the National Assembly. Al-Huwaila obtained a PhD in management from Yarmouk University in Jordan. Al-Huwaila is an unaffiliated deputy.
Mohammed Faleh Al-Ajmi is a member of the Kuwaiti National Assembly, representing the fifth district. Born in 1955, Al-Ajmi studied business administration and worked in the maritime industry before being elected to the National Assembly in 2008. Al-Ajmi is considered an Independent deputy, but he often votes with the Islamists. He is a member of the Ajman tribe.
Saleh Ashour is a former member of the Kuwaiti National Assembly who represented Constituency One from 1999 until 2020 and again in 2022.
Ali Al-Rashid is a former Kuwaiti politician member, representing the second district. Born in 1967, Al-Rashid worked as a lawyer before being elected to the National Assembly in 2003. Al-Rashid affiliated with the liberal National Democratic Alliance, but left the coalition on November 23, 2008.
Khalaf Al-Enezi was a Kuwaiti politician who was a member of the Kuwaiti National Assembly, representing the second district. Al-Enezi worked at the National Council before being elected to the National Assembly in 1981. Al-Enezi was an Independent deputy and was on good terms with the royal family. And he lived in Kuwait.
Faisal Al-Meslim Al-Osaimi Al-Otaibi is a former Kuwaiti politician, representing the third district. Born in 1962, Al-Meslim studied Political History at the University of Wales and worked as a professor before being elected to the National Assembly in 2003. Al-Otaibi is considered an Independent deputy and affiliates with the Islamist members.
Waleed Al-Tabtabaie is a former member of the Kuwaiti National Assembly representing the third district. Born on April 4, 1964, Al-Tabtabaie obtained a PhD in Islamic studies from Al-Azhar and was an assistant professor at Kuwait University before being elected to the National Assembly in 1996. Al-Tabtabaie affiliated with the Islamist deputies.
Important political issues in the Kuwait include rights for immigrant workers, stateless people, gun control, and education reform. Kuwait has the largest number of stateless people in the entire region. The Bedoon issue in Kuwait is largely sectarian. The Kuwaiti Bedoon crisis resembles the Rohingya crisis in Myanmar (Burma).
On February 21, 2008, the Kuwaiti Parliament approved a 120 dinar ($440) monthly pay rise for nationals in the public and private sectors after inflation hit 7.3%, a 16-year high. It also decided to raise by 50 dinars ($184) the pay of foreigners employed by the government. In response, Al-Enezi said, “We reject this increase because it is well below expectations. We urge the government to review its decision."
Migrant workers in Kuwait constitute a significant proportion of the population.
The Arab Socialist Ba'ath Party, also referred to as the pro-Iraqi Ba'ath movement, is a neo-Ba'athist political party which was headquartered in Baghdad, Iraq, until 2003. It is one of two parties which emerged from the 1966 split of the original Ba'ath Party.
Early general elections were held in Kuwait on 2 February 2012, the country's second general election in a three-year period. The election's turnout rate was 59%. However, in June 2012 the Constitutional Court declared the elections invalid and reinstated the former parliament. The court said the dissolution of Parliament in December 2011 by Emir Sabah Al-Sabah was unconstitutional. In response, opposition MPs resigned from parliament and demanded a full parliamentary system.
The posted price of oil was the price at which oil companies offered to purchase oil from oil-producing governments. This price was set by the oil companies and used to calculate the share of oil revenues that oil-producing countries would receive. Between 1957 and 1972, the posted price was greater than the market price of crude oil. Between 1961 and 1970 the market price hovered between $1.30 and $1.50 per barrel, while the posted price was a constant $1.80.
Mariam Eqeal Al-Saied Hashem Al-Aqeel is a Kuwaiti accountant and politician who was the country's Minister of Finance from December 2019 to February 2020.
Snap general elections were held in Kuwait on 6 June 2023 to elect 50 of the 65 members of the National Assembly. The elections took place following the annulment of the results of the 2022 snap elections by the Constitutional Court on 19 March 2023 and the redissolution of the 16th session on 2 May.
The 2023 Kuwaiti National Assembly is the 17th legislative session of the National Assembly. Members were elected on 6 June 2023. The session started on 20 June 2023.
