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Gov’t drove 59% of $523m reserve rise
The Government accounted for 59 percent of the 2022 first quarter’s $523m rise in The Bahamas’ foreign currency reserves, the Central Bank’s governor has revealed, although the banking sector subsequently took on the greater share.
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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 raises reserves forecast as $3bn beaten
The Central Bank yesterday raised its year-end forecast for The Bahamas’ external reserves holdings after they started May above $3bn following a $523m expansion during the first three months of 2022.
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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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Soaring prices
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THE US Federal Reserve apparently intends to raise interest rates significantly – and reduce the balance sheet. Fed Reserve governor, Lael Brainard, signalled this aggressive action.
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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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NIB reserves forecast to 'decline sharply'
A Cabinet minister said reserves at the National Insurance Board (NIB) are forecasted to “decline sharply” in the next few years and called for a contribution rate increase of 2 percent.
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Bahamian investment overseas to hit $100m
The Central Bank’s governor yesterday forecast investment by Bahamians in overseas capital markets and real estate could this year increase by 25 percent compared to pre-COVID and hit $100m.
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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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IMF interest rate fears dampened
Bahamian financial analysts yesterday dampened fears of near-term interest rate hikes after the International Monetary Fund (IMF) suggested such increases may be necessary to protect the US dollar exchange rate peg.
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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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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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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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Central Bank: Inflationary pressure to be ‘contained’
The Central Bank yesterday forecast that “inflationary pressures will remain contained” while The Bahamas’ foreign currency reserves will close 2022 above “international benchmarks”.
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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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External reserves jump on banks’ $84m inflow
The Bahamas’ external reserves grew by almost $55m in February 2022 as commercial banks collectively received a net $84.2m foreign currency inflow from their customers.
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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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