Bahrain intends to enter into a currency union with Kuwait, Qatar and Saudi Arabia, and a first meeting of a joint monetary council was held in the first quarter of 2010. The introduction of a single currency is likely to be delayed as the member states pursue convergence on inflation and seek a consensus on the functions of the planned central bank. The single Gulf currency will probably initially be pegged to the dollar, but this arrangement could be reviewed at a later stage. It is likely that the currency will eventually be pegged to a basket of currencies in order to give the joint central bank more leeway to alter interest rates. Meanwhile, the Central Bank of Bahrain will maintain the dinar's peg to the dollar at the rate of BD0.376:US$1, which has been in place for over two decades.