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Central Bank of the Bahamas.

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Nassau/PI hotels enjoying a 25% revenue boost

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

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Central Bank: Dorian inflicts a $2.5bn blow

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.

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6,000 restructure debt during 2019 first half

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

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One-cent's end 'rounding' into regulation query

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

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Central Bank says 'healthy growth' to resume from 2021

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

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Govt hit deficit goal at $222m

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

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One-cent coin use to cease by end-2020

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

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Attorneys praise exchange control 'red carpet roll out'

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

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Credit union consolidation predicted by Central Bank

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

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Business optimism up but profits fall for 57%

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.

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Cut 'terrifying' bad loan rate by over 50%

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

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Domestic banks in 10% cost increase

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

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National debt in $30m fall

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

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IMF queries Central Bank 'independence' over BOB

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

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Realtors warn over client KYC ‘overkill’

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.

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Domestic banks 'low risk' over financial abuses

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

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$7.8m caught in payment frauds

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.

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Central Bank’s crypto deposit, credit bar gets mixed reviews

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.

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Banks’ bad loans strike ten-year low

Bad loans commercial banking industry borrowers dropped to under $800m at end-January 2019, falling to their “lowest levels for ten years”.

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Vacation rental bookings increase 37% for January

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.

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Central Bank: No money laundering sign ‘on any scale’

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.

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Central Bank official: OECD tried to 'hobble' permanent residency

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”.

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Central Bank to ban 'anonymous' crypto assets

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

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Govt debt just short of $8bn

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

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Banks backing down on fees

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.

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IMF: Bahamas bank fees rise up to 186%

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.

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PLP blew $234m in final months

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.

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