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Foreign reserves stay over $3bn despite May decline

The Bahamas’ foreign currency reserves closed May 2022 above $3bn despite a $65m drop-off during the month, with the Central Bank reiterating its belief that they remain “more than adequate” to sustain the US dollar peg.

Sanctions harm Bahamas

Prime Minister Philip “Brave” Davis’ pleas to Washington, DC, to lift sanctions on the Nicolás Maduro administration in Venezuela seems to have fallen on deaf ears, judging from a recent press release by the US State Department. Maduro has been president of that South American country since 2013. His government can now be classified as a dictatorship. Venezuela has the largest oil reserves in the world.

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Air arrivals hit 85% of pre-COVID levels

Total air arrivals to The Bahamas rebounded to 85 percent of pre-COVID numbers during April, more than doubling prior year numbers for a period that included the peak Easter holiday weekend.

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