External reserves grow by $71 million in July, reaching $3 billion

NASSAU, BAHAMAS – The country’s external reserves grew by over $71 million in July, reaching $3 billion, according to the Central Bank.

The Central Bank’s Monthly Economic and Financial Developments Report for July noted: “External reserves increased by $71.4 million to $3,003.4 million, following a $39.8 million rise the previous year.

This improvement was supported by a shift to a net inflow of $26.4 million from the public sector, compared to a net outflow of $45.4 million in 2023. However, net purchases from commercial banks decreased to $27.1 million from $84.7 million last year, and commercial banks’ net purchases from customers fell significantly to $11.9 million from $102.9 million in 2023.”

The report also highlighted provisional data showing that monthly foreign currency outflows for current account transactions rose by $211.4 million (30.2 percent) to $911.7 million in July compared to the same period in 2023.

Payments for factor income remittances increased by $168.3 million, and non-oil imports rose by $50.6 million.

Transfer payments ($9.8 million) and travel ($6.3 million) recorded modest outflows. Conversely, payments for “other” current items—mainly credit and debit card transactions—fell by $11.9 million, and oil imports decreased by $11.6 million.