NASSAU, BAHAMAS — The country’s external reserves grew by $70.2 million to just over $2.9 billion in April according to recent data from the Central Bank.
The regulator in its Monthly Economic and Financial Developments report for Apri,l noted that during the review month, external reserves grew by $70.2 million to $2,968.3 million, extending last year’s $12.7 million gain.
“Contributing, the Central Bank’s net sales to the public sector moderated to $61.8 million from $117.1 million in 2023. This more than cushioned the reduced purchases from commercial banks to $118.1 million from $127.4 million in the preceding year. Further, commercial banks’ net intake from their customers reduced to $87.6 million from $104.2 million in the same period last year,” the regulator noted
The Central Bank further noted: “Preliminary data on foreign currency sales for current account transactions revealed that monthly outflows expanded by $124.7 million (19.5 percent) to $763.5 million in April, vis-à-vis the same period in the year prior. Leading this outcome, outflows for non-oil imports rose by $132.2 million, and payments for “other” current items—mainly credit and debit card financed imports—by $25.7 million. Further, increases were recorded for travel-related expenses ($8.5 million), factor income remittances ($7.6 million), and transfer payments ($4.8 million). Providing some offset, payments for oil imports reduced by $54.2 million, relative to the comparative 2023 period.”
The regulator’s report also noted that total private sector arrears were reduced by $14.8 million (2.9 percent) to $493.9 million, lowering the corresponding ratio by 26 basis points to nine percent.
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