April 5, 2012
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Bahamian regulators expect to complete their work on a National Financial Crisis Management Plan by late 2013 or early next year, the Central Bank governor telling Tribune Business they were “completely vested” in the extra resiliency this would create in the industry.
The Bahamas’ foreign exchange reserves remain “relatively healthy” despite having declined by $70 million year-over-year, the Central Bank’s governor acknowledging recent “challenges” in continually rebuilding them.
REVIEWS of draft Bills that will create a Credit Bureau and bring Bahamian credit unions under the regulatory supervision of the Central Bank of the Bahamas will both be complete “in the coming months”, the latter’s Governor told Tribune Business.
A $265 million decline in year-over-year net foreign investment (FDI) into the Bahamas is not as bad as it seems, the Central Bank’s governor yesterday saying that stripping out the BTC privatisation proceeds produced a more “modest” 7.6 per cent fall.
The Central Bank’s governor yesterday said that “ample” banking system liquidity of $931 million would ensure the Government’s deficit financing needs did not ‘crowd out’ private sector capital raisings, telling Tribune Business there were “no concerns from that standpoint”.
The Central Bank of the Bahamas is targeting 2013 for implementation of a SWITCH payments infrastructure, its Governor yesterday telling Tribune Business this was part of a drive to “modernise” the financial system and bring “greater efficiencies” for the public and private sector.
Although Hurricane Sandy’s impact will not harm the Bahamas’ chances of achieving 2.5 per cent GDP growth for 2012, the Central Bank’s governor yesterday warned that the economy needed to grow at a faster rate to reduce the 14.7 per cent unemployment rate.
The Central Bank of the Bahamas’ governor last night confirmed that the Government’s latest $100 million bond issue was “oversubscribed”, with a portion of the funds raised potentially funding its share of Baha Mar’s infrastructure works.
The Bahamas’ $838 million foreign currency reserves “are in line” with both their internationally-recognised adequacy benchmarks, the Central Bank of the Bahamas governor yesterday saying the one:one US dollar peg was “never in jeopardy” over the past decade.
The Government’s $200 million bond issue has been fully subscribed, one leading banker telling Tribune Business it was “sort of unusual” that his institution received its full allocation.
By NEIL HARTNELL Tribune Business Editor Foreign direct investment (FDI) inflows into the Bahamas increased by "about one-third" in 2011 to hit $1.533 billion, a performance that the Central Bank of the Bahamas' governor yesterday said "significantly exc
External reserves 'run-off' in 2012 no major concern By NEIL HARTNELL Tribune Business Editor While the Central Bank of the Bahamas is expecting "some run-off" in the nation's external reserves, its governor yesterday told Tribune Business any drop woul