“I am not in favour of a currency revaluation,” he says. “People talk about it like it is an easy solution, but the dollar has served us well for 30 years and provided stability. If people think a revaluation of itself will solve the inflation problem they are wrong.”

Instead, he says the solution to the region’s inflation problem is to address government spending. “You need to bring down growth so inflation can be more manageable,” he says.

Despite these comments, Sheikh Mohammed said that Bahrain would continue to act in concert with the other GCC countries if they decided on a revaluation.

He added that he thought the current inflation level of 4.8 per cent was too high.