NASSAU, BAHAMAS — The Central Bank of The Bahamas yesterday revealed that it has approved just over $200 million in transactions since it introduced a temporary waiver of the five percent investment currency market (ICM) premium for purchases of Bahamas Government US Dollars bonds.
The regulator yesterday announced that applications for the waiver will cease to be accepted after December 31. Approved applicants must complete transactions on or before January 31st, 2023 as any ICM application received by the Bank on January 1, 2023, or thereafter, will incur the ICM premium of five percent.
“The public is reminded that in order to participate in and to conclude ICM transactions, they are required to engage a local broker-dealer (commercial bank) or authorized agent (resident trust company). The securities purchased must be kept in accounts maintained in the custody of the same authorized institutions. Investor applications for approvals may be submitted directly to the Central Bank, or via the authorized broker-dealers or trust companies, acting on behalf of the investor,” the regulator noted.
It added: “The waiver of the ICM premium on outflows would preclude any approved transactions from the partial ICM premium rebate on the capital, on the liquidation of the investment and repatriation of proceeds to The Bahamas.”
