NASSAU, BAHAMAS — The country’s external reserves increased by $83.6 million to just over $3.3 billion last month, according to the Central Bank.
The regulator in its Monthly Economic and Financial Developments report for the month of July noted that “external reserves increased by $83.6 million to $3,330.7 million” during the review month.
“Contributing to this outturn, the Central Bank’s net foreign currency purchases from the public sector broadened to $54.8 million, from $15.3 million in the preceding year,” read the report.
“In addition, the Central Bank’s net purchases from the commercial banks rose to $33.9 million from $21.5 million in the same period last year. Further, commercial banks’ net intake from their clients grew to $23.1 million from $20.4 million in the prior year,” the regulator noted.
According to the Central Bank, preliminary data on foreign currency sales for current account transactions showed a $99.7 million rise in outflows to $563.1 million in July, relative to the same period in the previous year.
“Specifically, payments for “other” current items moved higher by $53.2 million—primarily credit and debit card transactions—while oil and non-oil imports rose by $42.4 million and by $21.0 million, respectively. Further, increases were registered for transfer payments ($6.7 million) and travel-related transactions ($1.7 million). In a modest offset, factor income payments decreased by $15.6 million, compared to the same period last year,” the regulator said.
The Central Bank noted that the domestic economy recovered further from the impact of the Novel Coronavirus (COVID-19) pandemic during the month of July, as tourism output strengthened, “undergirded by notable gains in the high value-added air segment and the sustained rebound in sea traffic, due to vaccine efficacy and the relaxation of COVID-19 restrictions in the major source markets”.
The regulator noted that total arrivals to New Providence more than tripled to 265,252 visitors in June, from 83,314 in the corresponding period of 2021. The air and sea segments both rose to 109,336 and 155,916 visitors, respectively. Likewise, traffic to the Family Islands also strengthened to 261,812 from 44,543 a year earlier.
In the short-term vacation rental market, data provided by AirDNA for July revealed that total room nights sold expanded to 170,904, from 129,708 in the corresponding 2021 period.
