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‘No delusions’ on foreign reserves
The Central Bank has “no delusions” over an external reserves mix that will likely fall below pre-pandemic levels of $1.5bn prior to COVID-19 recovery starting, its governor said yesterday.
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Governor: We saved $500m for reserves
The Central Bank’s governor yesterday disclosed that restrictions on foreign currency outflows imposed at COVID’s peak could have saved up to $500m in external reserves.
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Reserves bolstered by $247m from IMF
THE International Monetary Fund (IMF) has given the central bank $247m from special drawing rights (SDR) to bolster external reserves.
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Governor: Use $200m for Dorian rebuilding
The Central Bank’s governor yesterday urged Dorian-ravaged businesses and homeowners to draw down on “at least $200m” in unused reinsurance funds to finance rebuilding, adding: “The economy will be better off.”
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Reserves slide continues trend with four percent fall
External reserves slid by four percent in November, continuing a trend, according to the Central Bank of The Bahamas.
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Governor: Public finance rebuild ‘ambition’ critical
The Central Bank’s governor yesterday said the government’s “fiscal consolidation ambition” is critical to protecting the external reserves and currency peg, as well as enabling the country to meet its debt payments.
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The Federal Reserve hawkish pivot
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ON Wednesday June 16 the United States Federal Reserve stunned observers, announcing the intention to start rising interest rates at some point in 2023, bringing the dot plot forward by a full year.
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Restrictions gave external reserves ‘$200m cushion’
The Central Bank’s governor yesterday revealed that restrictions imposed last year in the immediate aftermath of the COVID-19 pandemic’s outbreak had “provided at least a $200m cushion for the external reserves”.
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Central Bank signals reserves past danger
The Clearing Banks Association’s chairman yesterday said he is “not jumping through hoops just yet” despite the Central Bank’s actions signalling the post-COVID recovery is on “an upward trend”.
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NIB reserves still ‘stable’ at $1.6bn
A Cabinet minister yesterday said the National Insurance Board’s (NIB) reserve fund “remains stable” at $1.6bn despite multi-million dollar COVID-related unemployment benefit payouts.
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‘Absolutely concerned’ on 45% foreign currency debt
Bahamians should “absolutely be concerned” about foreign currency borrowings rising to almost 45 percent of the near-$10bn national debt, a local economist warned yesterday.
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Pre-COVID output ‘not good enough’
The Central Bank’s governor yesterday warned that returning to pre-COVID economic output “is not enough” as he reaffirmed forecasts that GDP will expand by 8 percent in 2022.
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Baha Mar bookings ahead of Easter ‘19
OFFICIALS at Baha Mar say things are definitely looking up for the resort as reservation numbers for Easter and spring break are exceeding those of 2019 with forward bookings for summer, fall and winter also looking good.
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Overseas investment COVID bar removed
The Central Bank yesterday confirmed that Bahamians will be able to resume purchasing overseas securities and real estate from October 1 after seeing a sufficient uptick in tourism-related foreign currency inflows.
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Bahamas should ‘cut rates’ if US increases
A well-known Bahamian economic commentator yesterday argued that the Central Bank should lower its Prime rate whenever the Federal Reserve raises US interest rates.
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Year ends seeing first shoots of growth
THE Central Bank of The Bahamas said that the economy will “register marginal growth” for 2021.
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Top banker: Get economy ‘moving a bit more rapidly
A prominent banker yesterday urged The Bahamas “to get the economic engine moving a little more rapidly”, adding: “This is when executive management earns our keep.”
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Govt backs ‘mandatory’ property insurance call
The government has “agreed” that property insurance must be mandatory throughout The Bahamas with Dorian-related reinsurance inflows giving the external reserves a $1.3bn boost.
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Bank chief pushes back on imminent debt default
A prominent banker yesterday said there are no signs the international capital markets agree with a Caribbean economist that a Bahamian sovereign debt default is imminent.
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Jumpers rule at horse show in Camperdown
SPEED, style and precision ruled the day at the Camperdown Equestrian Centre Semi-Annual Horse Show held this past weekend.
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