External reserves see $111 million boost in February

External reserves see $111 million boost in February

NASSAU, BAHAMAS — The country’s external reserves increased by just over $100 million in February, according to the Central Bank.

According to the Central Bank’s Monthly Economic and Financial Development report for February, the country’s external reserves rose by $111.1 million to reach $2,843.7 million during the review month, extending last year’s $105.4 million accretion.

“Contributing to this increase, the Central Bank’s net foreign currency purchases from commercial banks widened to $94.8 million, up from $25.4 million a year earlier. Furthermore, commercial banks’ net intake from their customers surged to $129.2 million, notably higher than the $31.1 million gain recorded last year. However, net inflows from the public sector moderated to $16.8 million, down from $75.8 million in the comparable 2023 period,” the regulator noted.

The report also highlighted that monthly foreign currency outflows decreased by $0.7 million to $559.4 million in February compared to the same period in 2023.

“Leading this outcome, factor income remittances decreased by $15.7 million, while outflows for oil and non-oil imports declined by $13.0 million and $10.9 million, respectively. However, payments for ‘other’ current items—mainly credit and debit card-financed imports—increased by $29.5 million. Additionally, outflows for travel-related expenses and transfer payments grew by $6.6 million and $2.7 million, respectively,” the report noted.