NASSAU, BAHAMAS — The Bahamas’ external reserves increased by approximately $580 million, fluctuating around $2.9 billion by the end of this month.
Central Bank Governor John Rolle commented on this development during a press conference on Monday, stating: “The external reserves grew by approximately $580 million through the end of June, contrasting with an improvement of around $100 million in 2023. Over June and towards the end of July, the reserves fluctuated around $2.9 billion. Seasonally, the Central Bank anticipates the usual reduction in external balances in the second half of the year. Additionally, as stronger credit trends drive more spending in the economy, it is forecasted that balances could end the year below the levels recorded at the end of 2023.”
Governor Rolle also noted that year-to-date, commercial banks’ lending to the private sector has grown at twice the pace of 2023, though the increase remains modest at $74 million. “This growth spans all major components: mortgages, consumer loans, and business lending. At this time last year, only commercial loans were expanding. Meanwhile, banks have continued to see a decrease in the average private sector loan delinquency rate. The non-performing loans rate, or the percentage of loans that are three months or more overdue, fell to almost 6 percent as of June 2024, down from nearly 7.5 percent at the same time in 2023,” said Governor Rolle.
The Central Bank also revealed that two significant developments have been approved for New Providence. Pleasure Play Limited will undertake a $300 million project on the island, expected to create over 500 jobs. East Coast Aviation Bahamas plans to launch an $89 million infrastructural development project in the capital.
On Abaco, Green Point Holdings LLC will embark on a $177 million development project, anticipated to generate a total of 400 jobs (350 for Bahamians and 50 for non-Bahamians).
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