We expect the dinar to appreciate slightly against the dollar in 2011 as the currency basket is managed in an attempt to ease the pressure of rising dollar-denominated commodity prices. However, commodity price pressures will ease subsequently, and from 2012 we expect the dinar to depreciate slightly against the dollar to KD0.291:US$1 at end-2015. The dinar will continue to be supported by large current-account surpluses, an extensive foreign asset base and the government's secure fiscal position. Furthermore, in the unlikely event of downward pressure building on the dinar, the authorities could manage interest rates or draw upon some of the country's huge stock of foreign-currency assets to support it.