July 4, 2017
Central Bank of the Bahamas.
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A Bahamian banker yesterday warned against premature panic after it emerged that borrowers sought repayment waivers for almost $2bn worth of loans at the COVID-19 lockdown's peak.
The Bahamas’ key foreign currency reserves were maintained at around $2bn through the peak of the COVID-19 lockdown amid predictions yesterday that they will remain “more than adequate” to sustain the US dollar peg. The Central Bank, unveiling its m
The Central Bank is warning that the Bahamian financial services industry faces “heightened challenges” with sector employment levels falling for the fifth consecutive year in 2019. Unveiling its latest annual survey of the industry’s economic contr
The Central Bank’s restrictions on outflows through the Investment Currency Market (ICM) will likely save The Bahamas around $50m in foreign reserves, data released yesterday revealed.The monetary authority’s 2019 annual report revealed that Bahamian
The Central Bank of The Bahamas has suspended the granting of all exchange control approvals for the payment of dividends by the Canadian-owned commercial banks to their foreign parent.The move, which took “immediate effect” from March, will impact R
Major Nassau/Paradise Island resorts shrugged off a modest one percent room revenue fall-off in December to post an 18 percent gain for the 2019 full year, it was revealed yesterday.
Payment services providers yesterday hailed the move allowing them to establish settlement accounts with the Central Bank as “a game changer” for the sector and the digital Bahamian dollar roll-out. Harvey Morris, Omni Financial Services’ chief exec
The Bahamas’ national debt hit $8.313bn at end-September 2019 with the full fiscal impact of Hurricane Dorian yet to be felt, the Central Bank’s 2019 third quarterly review has revealed. Unveiled yesterday, the report indicates that with some $508m
Large Nassau/Paradise Island hotels endured a “tepid” October in the wake of Hurricane Dorian with revenues falling on the back of a ten percent decline in room nights sold. The Central Bank, unveiling its October monthly economic report, revealed t
Digital payments solutions providers yesterday gave a mixed reaction to the Central Bank placing a year-long hold on issuing new licences to prevent the market becoming “over-saturated”.Harvey Morris, Omni Financial Services’ chief executive, praised
Large Nassau/Paradise Island hotels enjoyed a 25 percent “revenue boost” for the first nine months of 2019 as Hurricane Dorian only had minimal impact on its September performance. The Central Bank of The Bahamas, unveiling its report on economic de
The Central Bank's governor yesterday forecast that total Hurricane Dorian losses could exceed $2.5bn at the "low end" - a sum equivalent to 20 percent of The Bahamas' total economic output.
More than 6,000 Bahamian borrowers applied for debt consolidation loans during the 2019 first half, making it the most sought-after form of consumer credit by some distance. The Central Bank’s latest Lending Conditions Survey, released yesterday, re
The Central Bank yesterday pledged to work with the government’s consumer protection agencies to determine if the Bahamian one-cent coin’s phase-out will spark more regulations.John Rolle, its governor, said it had already “alerted” the relevant enti
The Central Bank yesterday forecast that The Bahamas will “resume healthy economic growth” in 2021 following a potential Dorian-induced contraction next year as rebuilding gathers pace.The banking and monetary policy regulator, unveiling a much-chang
Hurricane Dorian may have rendered it somewhat academic, but the Central Bank yesterday affirmed the government hit its 2018-2019 deficit target by near-halving the “red ink” at $222.4m.The banking and monetary policy regulator, unveiling its pre-Dor
The Central Bank yesterday said its plan to end the Bahamian one-cent coin’s use as legal tender by end-2020 will save itself and the banking system $7m over a ten-year period.The regulator, unveiling its rationale for ending the coin’s 54-year histo
Attorneys yesterday praised the Central Bank’s proposal to relax exchange controls on non-residential real estate deals as “a rolling out of the red carpet that everyone will welcome”.Adrian White, former head of The Bahamas Bar Association’s real es
Small Bahamian credit unions will be forced to merge and consolidate as a result of intensified regulation, the Central Bank is predicting.The regulator, in its just-released 2018 Financial Stability Report, said it was increasing oversight of the se
Despite 57 percent of businesses suffering a decline in first-half profits, a Central Bank survey has found that nearly-two-thirds believe the economy will improve during 2019’s final months.
The Central Bank’s governor wants to further cut the “terrifying” 8.7 percent loan delinquency rate by more than half despite it having fallen to its lowest level in a decade.While describing the consistent decline in non-performing bank loans as “ve
Domestic banks and trust companies endured a near-ten percent operating cost increase in 2018 amid continued expense and regulatory pressures on the wider financial services industry. The Central Bank’s survey of the sector’s 2018 contribution to Ba
The Bahamas’ national debt has seen its first quarterly decline for years as it fell by just over $30m during the three-months to end-March 2019 thanks to a small budget surplus. The Central Bank’s quarterly review for the period, published this wee
The government’s majority ownership of Bank of The Bahamas may have impaired the Central Bank’s “independence” in regulating the troubled institution, the IMF has reported.The International Monetary Fund (IMF), in its just-unveiled Article IV and fin
Realtors yesterday expressed surprise that the Central Bank had identified their industry as posing a higher money laundering risk given the due diligence “overkill” clients currently face.
The Central Bank yesterday pronounced that domestic banking presents a “low risk” for financial crime, with the main vulnerabilities stemming from three industries - gaming, real estate and money transmission.The regulator, unveiling findings based o
Some $7.8m worth of payment fraud complaints were made in 2018, the Central Bank of The Bahamas has revealed, with debit cards accounting for almost 60 percent of cases.
The Central Bank of The Bahamas has received push back to its proposal that banks must not accept crypto currency deposits, or make such loans, to customers.
Bad loans commercial banking industry borrowers dropped to under $800m at end-January 2019, falling to their “lowest levels for ten years”.
The Bahamas maintained its strong tourism performance through January 2019 with total air departures from Nassau and Airbnb bookings both up by “double digits” year-over-year.
The Central Bank says “there is nothing” to suggest money laundering occurs “on any scale” in The Bahamas based on its analysis of currency circulation trends.
A top Central Bank official has accused the OECD of trying to “hobble” the competitiveness of The Bahamas’ economic permanent residency regime by including it in an arbitrary “quasi-blacklist”.
The Central Bank is proposing to ban its licensees from dealing with “anonymous” crypto currency assets, with 84 percent of local institutions saying they have no desire to enter this space.The regulator, unveiling a “discussion paper” on proposals f
The Bahamas’ national debt was just short of the $8bn mark at end-June, although its growth rate slowed significantly in a second quarter known for generating strong economic activity.The Central Bank of The Bahamas’ just-released report for the thre
SOME local clearing banks have agreed to lower various banking administrative fees and consider changes to cheque cashing procedures following discussions with the government and other officials, Labour Minister Dion Foulkes said yesterday.
Bahamian banks have increased fees for cross-border transactions by as much as 186 per cent over the last five years, due to growing pressure on their international ties.
An “horrendous” $234 million was added to the Government’s fiscal deficit during the May 10 general election quarter, Central Bank data released yesterday reveals.